Independent Energy Production Act of 2001 - Marginal Well Preservation Act of 2001 - Amends the Internal Revenue Code to set forth provisions relating to domestic oil and gas production which: (1) establish a credit for producing oil and gas from marginal wells; and (2) permit a taxpayer to expense geological and geophysical expenditures and to delay rental payments in connection with oil and gas development.
Permits a five-year net operating loss carryback for losses attributable to operating mineral interests of independent oil and gas producers.
Actions
Feb 28, 2001
Referred to the House Committee on Ways and Means.