Marginal Energy Producers Incentives Act of 1989

Summary

Marginal Energy Producers Incentives Act of 1989 - Amends the Internal Revenue Code with respect to the oil and natural gas allowance to allow a tax deduction to the transferee in the case of a transfer of proven oil or gas property. Increases from 50 percent to 100 percent (thus removing) the net income limitations on the use of such depletion allowances. Sets a percentage depletion allowance of 15 percent for the marginal production of domestic crude oil or natural gas by independent producers. Makes the alternative minimum tax preference for percentage depletion inapplicable to such marginal production.

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Timeline

1. 11 October 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 11 October 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 October 1989

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 October 1989

  Open at official source

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Sponsors

• Rep. Clinger, William F., Jr. [R-PA-5] · R · Sponsor
• Rep. Dreier, David [R-CA-26] · R · Cosponsor
• Sen. Thomas, Craig [R-WY] · R · Cosponsor
• Rep. Wise, Robert E., Jr. [D-WV-2] · D · Cosponsor
• Rep. Smith, Lamar [R-TX-21] · R · Cosponsor
• · hswm00 · Standing

Related records

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