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United States · Bill · HR

H.R. 4643 (99th)

A bill to amend the Internal Revenue Code of 1954 to repeal certain restrictions on oil and gas tax benefits after transfer of property.

referredUnited States· United States Congress· EN

Introduced

21 April 1986

Last action

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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 allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. (Present law disallows such a deduction after a transfer to a new owner.) Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. (Present law disallows such an exemption after the transfer of a stripper well.)

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Documents

1 official file

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