Energy Independence Act of 1996

Summary

TABLE OF CONTENTS: Title I: Tax Incentives for Oil and Gas Production Subtitle A: Production Credit Subtitle B: Modifications to Percentage Depletion Title II: Percentage Depletion Rate for Marginal Production Title III: Other Provisions Title IV: 6-Year Period of Limitation for Collection of Oil and Gas Royalties Energy Independence Act of 1996 - Title I: Tax Incentives for Oil and Gas Production - Subtitle A: Production Credit - Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from new wells and marginal wells. 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. Subtitle B: Modifications to Percentage Depletion - Repeals the net income limitation on percentage depletion for oil and gas properties. (Sec. 112) Makes all marginal production of domestic crude oil or domestic natural gas eligible for percentage depletion. Title II: Percentage Depletion Rate for Marginal Production - Revises the percentage depletion rate for such marginal production. Title III: Other Provisions - Allows the election to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, domestic oil or gas as expenses which are not chargeable to capital account. (Sec. 302) Makes the enhanced oil recovery credit applicable to secondary recovery methods. Allows such credit against the minimum tax. Title IV: 6-Year Period of Limitation for Collection of Oil and Gas Royalties - Establishes a six-year statute of limitations on actions commenced by the United States for recovery of royalties due under an oil and gas lease on Federal lands unless a lessee has made a false or fraudulent statement with the intent to evade the royalties due.

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Timeline

1. 7 May 1996

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 7 May 1996

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 May 1996

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 May 1996

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

5. 13 May 1996

   Committee

   Executive Comment Requested from Interior.

   Source: Committee

6. 13 May 1996

   Referred

   Referred to the Subcommittee on Energy and Mineral Resources.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 May 1996 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 May 1996

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 May 1996

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 May 1996

  Open at official source

Sponsors

• WILLIAM THORNBERRY · R · Sponsor
• Rep. Largent, Steve [R-OK-1] · R · Cosponsor
• Rep. Frost, Martin [D-TX-24] · D · Cosponsor
• Rep. Hall, Ralph M. [D-TX-4] · D · Cosponsor
• Sen. Coburn, Tom [R-OK] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Chapman, Jim [D-TX-1] · D · Cosponsor
• GENE GREEN · D · Cosponsor
• Rep. Geren, Pete [D-TX-12] · D · Cosponsor
• JOE BARTON · R · Cosponsor
• Rep. Watts, J. C., Jr. [R-OK-4] · R · Cosponsor
• · hsii00 · Standing
• · hswm00 · Standing

Related records

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