To amend the Internal Revenue Code of 1986 to provide for the use of unused alternative minimum tax credits, to repeal certain alternative minimum tax preferences for energy production, and for other purposes.

Summary

Amends the Internal Revenue Code to allow corporate taxpayers with unused alternative minimum tax credits from prior years to use such credits against current-year alternative minimum tax liability. Establishes an ordering rule for applying such credit. Eliminates intangible drilling costs and percentage depletion as tax preference items for independent producers of oil and gas properties, with limitations. Declares that depreciation adjustments do not apply to environmental improvement assets.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 March 1992

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.