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Okay. Found the amendment on "big oil subsidies"
Posted: Apr 9, 2011
and this bill DID NOT ELIMINATE BIG OIL SUBSIDIES. I am reading through it and comparing it with the IRS Code that it applies to, so I won't be able to make any large explanations/comparisons today but noticed that even if the amendment would have passed, it would NOT have gone into affect until after December 31, 2011.
Also, the little bit I did get through so far would not have eliminated oil subsidies from what I see with a quick glance, it would have changed the "gross receipts in excess of $1,000,000,000 for its last taxable year ending during calendar year 2005", to "has gross receipts in excess of $50,000,000 for the taxable year."
I have to pull other sections of the IRS Code since this amendment goes all over the place. Hopefully I can get to it tomorrow, but so far, the only changes I see is the wording from "major integrated oil companies" to "major integrated oil companies and other large taxpayers."
Keep tuned in for the next chapter unless I go crazy deciphering it. LOL
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