in interest For purposes of this paragraph, the term major integrated oil company includes any successor in interest of a company that was described in subparagraph (B) in any taxable year, if such successor controls more than 50 percent of the crude oil production or natural gas production of such company. . (b) Conforming amendments (1) In general Subparagraph (B) of section 167(h)(5) of the Internal Revenue Code of 1986 is amended by inserting except as provided in subparagraph (C), after For purposes of this paragraph, . (2) Taxable years tested Clause (iii) of section 167(h)(5)(B) of such Code is amended— (A) by striking does not apply by reason of paragraph (4) of section 613A(d) and inserting did not apply by reason of paragraph (4) of section 613A(d) for any taxable year after 2004 , and (B) by striking does not apply in subclause (II) and inserting did not apply for the taxable year . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. II Outer Continental Shelf oil and natural gas 201. Repeal of outer Continental Shelf deep water and deep gas royalty relief (a) In general Sections 344 and 345 of the Energy Policy Act of 2005 ( 42 U.S.C. 15904 , 15905) are repealed. (b) Administration The Secretary of the Interior shall not be required to provide for royalty relief in the lease sale terms beginning with the first lease sale held on or after the date of enactment of this Act for which a final notice of sale has not been published. III Miscellaneous 301. Deficit reduction The net amount of any savings realized as a result of the enactment of this Act and the amendments made by this Act (after any expenditures authorized by this Act and the amendments made by this Act) shall be deposited in the Treasury and used for Federal budget deficit reduction or, if there is no Federal budget deficit, for reducing the Federal debt in such manner as the Secretary of the Treasury considers appropriate. 302. Budgetary effects The budgetary effects of