A bill to amend the Internal Revenue Code of 1986 to provide for the amortization of delay rental payments and geological and geophysical expenditures.
Latest action · Feb 3, 2005 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S984)
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.
- IntroducedFeb 3, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Feb 3, 2005Introduced in Senate
- Feb 3, 2005Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S984)
- Feb 3, 2005Sponsor introductory remarks on measure. (CR S984)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- 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
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.