To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.

Summary

Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from marginal wells of: (1) $3 per barrel of qualified crude oil production; and (2) $.50 per 1,000 cubic feet of qualified natural gas production. 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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 January 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 6 January 1999

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• Introduced in House

  summary · EN · 6 January 1999

  Open at official source

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