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United States · Bill · HR

H.R. 53 (106th)

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

referredUnited States· United States Congress· EN

Introduced

6 January 1999

Last action

25 February 1999 · Referred

Status

Referred to the Subcommittee on Oversight.

Sponsors

Rep. Watkins, Wes [R-OK-3], Rep. Thomas, William M. [R-CA-21], Rep. Istook, Ernest J., Jr. [R-OK-5], Sen. Moran, Jerry [R-KS], Rep. Brady, Kevin [R-TX-8], Rep. Skeen, Joe [R-NM-2], Rep. Thornberry, Mac [R-TX-13], Rep. McCrery, Jim [R-LA-4], Rep. Largent, Steve [R-OK-1], Rep. Watts, J. C., Jr. [R-OK-4], Rep. Lucas, Frank D. [R-OK-3], Rep. Smith, Lamar [R-TX-21], Rep. Stenholm, Charles W. [D-TX-17], Rep. Frost, Martin [D-TX-24], Rep. Combest, Larry [R-TX-19], Rep. Bonilla, Henry [R-TX-23], Rep. Barton, Joe [R-TX-6], Rep. Tiahrt, Todd [R-KS-4], Rep. Granger, Kay [R-TX-12], Rep. Hall, Ralph M. [R-TX-4], Rep. Shows, Ronnie [D-MS-4], Rep. Rahall, Nick J., II [D-WV-3], Rep. Ney, Robert W. [R-OH-18], Rep. Green, Gene [D-TX-29], Rep. Pickering, Charles W. "Chip" [R-MS-3], Rep. Wise, Robert E., Jr. [D-WV-2], Rep. Costello, Jerry F. [D-IL-12], Rep. Pombo, Richard W. [R-CA-11], Rep. Herger, Wally [R-CA-2], Rep. Miller, Gary G. [R-CA-42], Rep. Burton, Dan [R-IN-5], Rep. Dickey, Jay [R-AR-4], Rep. Gonzalez, Charles A. [D-TX-20], Rep. Hostettler, John N. [R-IN-8], Rep. Phelps, David D. [D-IL-19], Sen. Coburn, Tom [R-OK], Rep. Shimkus, John [R-IL-15], Rep. Horn, Stephen [R-CA-38], Rep. Kuykendall, Steven T. [R-CA-36], Rep. Calvert, Ken [R-CA-41], Rep. Kolbe, Jim [R-AZ-8], Rep. Sandlin, Max [D-TX-1], Rep. Sessions, Pete [R-TX-17], Rep. Radanovich, George [R-CA-19]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceDownload fileView documentsShare

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.

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

Timeline

  1. 6 January 1999

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 6 January 1999

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 6 January 1999

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 25 February 1999

    Referred

    Referred to the Subcommittee on Oversight.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 6 January 1999

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 6 January 1999

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 6 January 1999

    Open at official source

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Sponsors

Related records

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Sources

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