United States · Bill · S
S. 2057 (94th)
A bill to amend the Internal Revenue Code of 1954 to provide an investment credit for oil and gas drilling expenditures.
Introduced
8 June 1975
Last action
—
Status
Referred to Senate Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
1 August 2024
Summary
Allows a 10 percent investment tax credit under the Internal Revenue Code to drillers of new domestic exploratory wells, or reworked wells resulting in additional production, intangible drilling costs, lease acquisition costs, secondary and tertiary recovery costs, and well work-over costs. Allows a 5 percent supplementary credit of the intangible drilling costs if such exploratory well strikes oil or natural gas in commercial quantities, to be taken against the first tax payable on net income production.
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
1 official file
Introduced in Senate
summary · EN · 8 June 1975
Sponsors
No sponsors or actors listed by the source.
Related records
No cross-record relationships stored yet.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/94th-congress/senate-bill/2057
- Open data entity: https://api.congress.gov/v3/bill/94/s/2057