Cloture Not Invoked
March 29, 2012(Key vote)
Title: Amends Energy-Related Tax Credits
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on a bill that repeals tax deductions for major integrated oil companies.
Defines “major integrated oil company” as a crude oil producer that meets the following criteria in a taxable year (Secs. 202-205):
Average daily worldwide production of crude oil of at least 500,000 barrels; and
Gross receipts exceeding $1 billion.
Extends tax credits and other incentives for certain energy products, production and investment including, but not limited, to the following (Secs. 101-104, 106-113 & 115-116):
Qualified plug-in electric vehicles;
The production of biodiesel, renewable diesel, and refined coal; and
The production of alternative fuels.
Repeals provisions authorizing claims for royalty relief for “deep water” and “deep gas” production (Sec. 211).
Appropriates savings that result from the provisions of this act to the reduction of the federal deficit (Sec. 301).
NOTE: INVOKING CLOTURE REQUIRES A 3/5 MAJORITY OF THE SENATE. IT IS NOT A VOTE ON THE PASSAGE OF THE PIECE OF LEGISLATION, BUT LIMITS FURTHER DEBATE TO 30 HOURS. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER. A FAILED CLOTURE VOTE OFTEN PREVENTS THE LEGISLATION FROM EVER COMING TO A VOTE.