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United States · Bill · HR

H.R. 1182 (97th)

A bill to enhance tertiary oil recovery by amending the Internal Revenue Code relating to prepaid expenses in a tertiary oil project.

referredUnited States· United States Congress· EN

Introduced

22 January 1981

Last action

—

Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to treat as front-end oil exempt from the crude oil windfall profit tax any domestic crude oil which is a production payment (in payment of allowed expenses) carved out for exploration or development of a qualified mineral property which is the subject of a tertiary project of an independent producer. Includes prepaid expenses attributable to periods after September 30, 1981, among allowed expenses.

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Documents

1 official file

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Sources

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