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United States · Bill · S

S. 1506 (98th)

Oil and Gas Exploration Incentive Restoration Act of 1983

openUnited States· United States Congress· EN

Introduced

21 June 1983

Last action

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Status

Committee on Finance requested executive comment from OMB, Treasury Department, Energy Department.

Sponsors

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Subjects

Discovery layer

Source updated

29 August 2025

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Summary

Oil and Gas Exploration Incentive Restoaration Act of 1983 - Amends the Internal Revenue Code to restore percentage depletion for oil and gas exploration to 27 1/2 percent. Makes percentage depletion fully available to both integrated and independent oil producers. Removes the intangible drilling cost deduction from the list of tax-preference items subject to the alternative minimum tax. Restores full deductibility for intangible drilling costs incurred by integrated oil companies.

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Documents

1 official file

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