Domestic Energy Enhancement and Security Act of 2001 - Amends the Internal Revenue Code to: (1) provide for the phaseout of certain energy production-related tax preferences; (2) make the depreciation adjustment inapplicable to oil and gas assets; (3) eliminate certain adjustments based on adjusted current earnings related to inventories, intangible drilling and development cost, and oil and gas percentage depletion; (4) allow the enhanced oil recovery credit and the credit for producing fuel from a nonconventional source against the minimum tax; (5) extend the enhanced oil recovery credit to certain nontertiary recovery methods; and (6) provide, respecting percentage depletion for oil and gas property, for a ten-year carryback and the elimination of the net income limitation.
Actions
Jun 21, 2001
Referred to the House Committee on Ways and Means.