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S 1199
107th Congress •
2001-2003 (Ended)
A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.
Amends the Internal Revenue Code to allow a tax credit for marginal domestic oil and natural gas well production during any taxable year in the amount of $3 per barrel of qualified crude oil production and 50 cents per 1,000 cubic feet of qualified natural gas production, reduced, but not below zero, as oil and gas prices increase. States that the limitation to the general business credit, based on the amount of tax, shall not be reduced by the amount of the marginal oil and gas well credit.
Allows both geological and geophysical expenditures on domestic oil and gas exploration and development and delay rental payments, at the taxpayer's election, to be deducted from gross income at the time incurred.
Actions
Jul 19, 2001
Read twice and referred to the Committee on Finance.
Jul 19, 2001
Sponsor introductory remarks on measure. (CR S7958-7959)