S 696
108th Congress
Senate
Taxation
Commerce
Corporation taxes
Depreciation and amortization
Economics and Public Finance
Energy
Energy prices
Gas industry
Geology
Geophysical prediction
Income tax
Indexing (Economic policy)
Minimum tax
Oil well drilling
Petroleum industry
Prospecting
Public Lands and Natural Resources
Rent
Tax credits
Tax deductions
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: March 24, 2003
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 24, 2003
Read twice and referred to the Committee on Finance.
Mar 24, 2003
Sponsor introductory remarks on measure. (CR S4329)
Mar 24, 2003
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