Political Quotes

“Madam Chairman, I offer an amendment. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Page 293, line 4, after the dollar amount insert ``(increased by $390,328,000)''. Page 293, line 8, after the dollar amount insert ``(increased by $390,328,000)''. At the end of the bill, before the short title, insert the following new sections: SEC. 4002. SHORT TITLE. This Act may be cited as the ``End Big Oil Tax Subsidies Act of 2011''. SEC. 4003. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES. (a) In General.--Subparagraph (A) of section 167(h)(5) of the Internal Revenue Code of 1986 is amended by striking ``major integrated oil company'' and inserting ``covered large oil company''. (b) Covered Large Oil Company.--Paragraph (5) of section 167(h) of such Act is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph: ``(B) Covered large oil company.--For purposes of this paragraph, the term `covered large oil company' means a taxpayer which-- ``(i) is a major integrated oil company, or ``(ii) has gross receipts in excess of $50,000,000 for the taxable year. For purposes of clause (ii), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.''. (c) Conforming Amendment.--The heading for paragraph (5) of section 167(h) of such Code is amended by inserting ``and other large taxpayers''.…”