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.

Introduced Jul 19, 2001 Originated Senate Sponsor Kay Bailey Hutchison R-TX

Fact sheet Spreadsheet

Latest action · Jul 19, 2001 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJul 19, 2001
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 20

Members who signed on, in the order they did. All signed on Jul 19, 2001.

SeatCosponsorSigned on
R-WYCraig ThomasOriginalJul 19, 2001
R-OKDon NicklesOriginalJul 19, 2001
R-AKFrank H. MurkowskiOriginalJul 19, 2001
R-OKJames M. InhofeOriginalJul 19, 2001
R-NCJesse HelmsOriginalJul 19, 2001
D-LAJohn B. BreauxOriginalJul 19, 2001
D-NDKent ConradOriginalJul 19, 2001
R-RILincoln ChafeeOriginalJul 19, 2001
D-LAMary L. LandrieuOriginalJul 19, 2001
D-MTMax BaucusOriginalJul 19, 2001
R-WYMichael B. EnziOriginalJul 19, 2001
R-NMPete V. DomeniciOriginalJul 19, 2001
R-TXPhil GrammOriginalJul 19, 2001
R-KSSam BrownbackOriginalJul 19, 2001
R-MESusan M. CollinsOriginalJul 19, 2001
R-AKTed StevensOriginalJul 19, 2001
R-MSThad CochranOriginalJul 19, 2001
R-ARTim HutchinsonOriginalJul 19, 2001
R-MSTrent LottOriginalJul 19, 2001
R-COWayne AllardOriginalJul 19, 2001

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred Jul 19, 2001

Actions 3

Everything that happened, newest first.

  1. Jul 19, 2001Introduced in Senate
  2. Jul 19, 2001Sponsor introductory remarks on measure. (CR S7958-7959)
  3. Jul 19, 2001Read twice and referred to the Committee on Finance.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
SenateDebate and remarks S7958Kay Bailey Hutchison R-TXJul 19, 2001

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced
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.

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Jul 19, 2001Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.