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S 1199 107th Congress Senate Taxation Business income tax Commerce Depreciation and amortization Economics and Public Finance Energy Energy prices Energy tax credits Gas industry Geology Geophysical prediction Income tax Indexing (Economic policy) Minimum tax Oil well drilling Petroleum industry Petroleum prices Prospecting Public Lands and Natural Resources Rent

A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures…

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A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.

Introduced: July 19, 2001 See on congress.gov
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) 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
Jul 19, 2001
Read twice and referred to the Committee on Finance.
Jul 19, 2001
Sponsor introductory remarks on measure. (CR S7958-7959)
Jul 19, 2001
Introduced in Senate
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 Plain-English summary Congressional Research Service
Amends the Internal Revenue Code to allow a tax credit for marginal domestic oil and natural gas well production during any taxable year in the amount of $3 per barrel of qualified crude oil production and 50 cents per 1,000 cubic feet of qualified natural gas production, reduced, but not below zero, as oil and gas prices increase. States that the limitation to the general business credit, based on the amount of tax, shall not be reduced by the amount of the marginal oil and gas well credit.

Allows both geological and geophysical expenditures on domestic oil and gas exploration and development and delay rental payments, at the taxpayer's election, to be deducted from gross income at the time incurred.

What's happening now July 19, 2001

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Collins, Susan M.
Maine · Jul 19, 2001
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APA
U.S. Congress. (2026). S. 1199: A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.. 107th Congress. Open America. https://openamerica.io/bill/107-S-1199/
MLA
"S. 1199: A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-1199/.
Bluebook (legal)
S. 1199, 107th Cong. (2026), https://openamerica.io/bill/107-S-1199/.
Markdown link
[S. 1199: A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.](https://openamerica.io/bill/107-S-1199/)
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