United States Energy Economic Growth Act

Summary

TABLE OF CONTENTS: Title I: Production From Marginal and Inactive Wells Title II: Other Incentives United States Energy Economic Growth Act - Title I: Production From Marginal and Inactive Wells - Amends the Internal Revenue Code to allow a tax credit for marginal domestic oil and natural gas well production during any taxable year in the amount of $3 per barrel of qualified crude oil production and 50 cents per 1,000 cubic feet of qualified natural gas production, reduced, but not below zero, as oil and gas prices increase. States that the limitation to the general business credit, based on the amount of tax, shall not be reduced by the amount of the marginal oil and gas well credit. Excludes from gross income, at the taxpayer's election, any income attributable to independent producer oil from a recovered inactive well, under certain conditions, while disallowing any deductions directly connected with such excluded amounts. Provides that, with respect to the alternative minimum tax, the inclusion of certain items in the computation of earnings and profits shall not apply to any income attributable to independent producer oil from a recovered inactive well that is excluded from gross income. Title II: Other Incentives - Allows both geological and geophysical expenditures on domestic oil and gas exploration and development and delay rental payments, at the taxpayer's election, to be deducted from gross income at the time incurred. Extends the special rule for the spudding of oil and gas wells. Extends the enhanced oil recovery credit to certain nontertiary recovery methods.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 April 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 April 1998

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 April 1998

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.