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All recent votes112th CongressSenate
Close Big Oil Tax Loopholes Act - Expresses the sense of the Senate that: (1) the President and Administration should be commended for recognizing the severity of high gas prices and for taking appropriate actions to help reduce gas prices; (2) Congress should take additional actions to complement the efforts of the President; (3) the Organization of Petroleum Exporting Countries (OPEC) should contribute to the stabilization of world oil markets and prices and reduce the burden of high gasoline prices by using existing idle oil production capacity to compensate for any supply shortages; and (4) U.S. economic, environmental, and national security depend on a sustained effort to reduce and eventually eliminate the dependence of the United States on oil.
Amends the Internal Revenue Code to deny to oil companies with gross receipts in excess of $1 billion in a taxable year and an average daily worldwide production of crude oil of at least 500,000 barrels a year: (1) a foreign tax credit if such company is a dual capacity taxpayer, as defined by this Act; (2) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to grant royalty relief (suspension of royalties) for natural gas production from deep wells and deep water oil and gas production in the Outer Continental Shelf.
Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the public debt.
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.
Written by the nonpartisan Congressional Research Service, describing S. 940 as introduced in Senate on May 10, 2011. It is not the text of the measure; a later amendment may have changed what it does.
Senate May 17, 2011
Motion to Proceed to the Consideration of S. 940
Motion to Proceed Rejected
52 Yea 48 Nay
Party-line vote 5 of 100 voting members broke with their own party: 3 Democrats, 2 Republicans.
DemocratsIndependentsOtherRepublicansFilled: YeaRing: NayGrey: not voting or present
100 members on this roll call, from the official Senate record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor S. 940 and vote against it. 26 signed when it was filed.
Organizations that named S. 940 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
122 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.