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
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
Plain-English summary
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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1