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HR 3688 105th Congress House Taxation Business income tax Commerce Economics and Public Finance Energy Energy prices Energy tax credits Gas industry Income tax Indexing (Economic policy) Natural gas Oil well drilling Petroleum Petroleum industry Petroleum prices

To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.

Introduced: April 1, 1998 See on congress.gov
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 1, 1998
Referred to the House Committee on Ways and Means.
Apr 1, 1998
Introduced in House
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from marginal wells of: (1) $3 per barrel of qualified crude oil production; and (2) $.50 per 1,000 cubic feet of qualified natural gas production. Provides: (1) a formula for reducing such credit in years in which oil and gas prices increase; and (2) an inflation adjustment for such formula. Allows such credit against the regular and minimum tax.

What's happening now April 1, 1998

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3
R
Sessions, Pete
Texas · Jul 29, 1998
 R
Lucas, Frank D.
Oklahoma · May 21, 1998
 R
Moran, Jerry
Kansas · May 19, 1998
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3688: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.. 105th Congress. Open America. https://openamerica.io/bill/105-HR-3688/
MLA
"H.R. 3688: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-3688/.
Bluebook (legal)
H.R. 3688, 105th Cong. (2026), https://openamerica.io/bill/105-HR-3688/.
Markdown link
[H.R. 3688: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.](https://openamerica.io/bill/105-HR-3688/)
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