HR 2072
105th Congress
House
Taxation
Business income tax
Commerce
Energy
Gas industry
Income tax
Petroleum industry
Secondary recovery of gas
Secondary recovery of oil
Tax exclusion
Inactive Well Recovery Act
Introduced: June 26, 1997
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 26, 1997
Referred to the House Committee on Ways and Means.
Jun 26, 1997
Introduced in House
Plain-English summary
Inactive Well Recovery Act - Amends the Internal Revenue Code to exclude from gross income (if so elected by the taxpayer) income attributable to independent producer oil from a recovered inactive well. Includes both oil and natural gas in the definition of "independent producer oil." Prohibits deductions directly connected with amounts so excluded.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1