Marginal Energy Producers Incentives Act of 1989

Summary

Marginal Energy Producers Incentives Act of 1989 - Amends the Internal Revenue Code with respect to the oil and natural gas allowance to allow a tax deduction to the transferee in the case of a transfer of proven oil or gas property. Increases from 50 to 100 percent (thus removing) the net income limitations on the use of such depletion allowances. Sets a percentage depletion allowance of 15 percent for the marginal production of domestic crude oil or natural gas by independent producers. Makes the alternative minimum tax preference for percentage depletion inapplicable to such marginal production.

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Timeline

1. 4 August 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 4 August 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 August 1989

  Open at official source

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Sponsors

• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• Sen. Burns, Conrad R. [R-MT] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Marginal Energy Producers Incentives Act of 1989