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 and delay rental payments.
Introduced: July 19, 2001
See on congress.gov
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
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1