A bill to amend the Internal Revenue Code of 1986 to provide for the amortization of delay rental payments and geological and geophysical expenditures.

Fact Sheet API

Bill Number

S 280

Introduced

Feb 3, 2005

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S984)

Sponsor

Cosponsors

Topics

Commerce Continental shelf Depreciation and amortization Energy Gas in submerged lands Gas industry Geology Geophysical prediction Income tax Marine and coastal resources, fisheries Oil well drilling Petroleum in submerged lands Petroleum industry Prospecting Public Lands and Natural Resources Rent Submarine oil well drilling Tax deductions Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to allow the amortization, over a 24-month period, of: (1) delay rental payments for the development of oil or gas wells in the United States; and (2) geological and geophysical expenses incurred in the exploration for, or development of, oil or gas in the United States.

Actions

Feb 3, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S984)
Feb 3, 2005

Sponsor introductory remarks on measure. (CR S984)
Feb 3, 2005

Introduced in Senate

Amendments

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