Sec. 1. Short title; table of contents
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This Act may be cited as the . Close Big Oil Tax Loopholes Act The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. TITLE I—Close big oil tax loopholes Sec. 101. Modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers. Sec. 102. Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof. Sec. 103. Limitation on deduction for intangible drilling and development costs; amortization of disallowed amounts.
Sec. 104. Limitation on percentage depletion allowance for oil and gas wells. Sec. 105. Limitation on deduction for tertiary injectants. Sec. 106. Modification of definition of major integrated oil company. TITLE II—Outer Continental Shelf oil and natural gas Sec. 201. Repeal of outer Continental Shelf deep water and deep gas royalty relief. TITLE III—Miscellaneous Sec. 301. Deficit reduction. Sec. 302. Budgetary effects.