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HR 53 106th 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: January 6, 1999 See on congress.gov
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This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 1999
Referred to the Subcommittee on Oversight.
Jan 6, 1999
Referred to the House Committee on Ways and Means.
Jan 6, 1999
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 February 25, 1999

Referred to the Subcommittee on Oversight.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Republican 4
R
Sessions, Pete
Texas · Mar 22, 2000
 R
Calvert, Ken
California · Jul 13, 1999
 R
Lucas, Frank D.
Oklahoma · Jan 6, 1999
 R
Moran, Jerry
Kansas · Jan 6, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 53: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.. 106th Congress. Open America. https://openamerica.io/bill/106-HR-53/
MLA
"H.R. 53: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-HR-53/.
Bluebook (legal)
H.R. 53, 106th Cong. (2026), https://openamerica.io/bill/106-HR-53/.
Markdown link
[H.R. 53: 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/106-HR-53/)
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