Energy Development Tax Incentive Act of 1992

Summary

Energy Development Tax Incentive Act of 1992 - Amends the Internal Revenue Code to eliminate intangible drilling costs and percentage depletion as tax preference items for independent producers of oil and gas properties. Limits the amount of alternative minimum taxable income which may be reduced by reason of such elimination. Makes depreciation adjustments in computing such income inapplicable to environmental improvement assets. Establishes a crude oil and natural gas exploration and development tax credit. Allows a ten percent credit for qualified investments exceeding $1,000,000, 20 percent for those of $1,000,000 or less. Permits the credit as an offset against both minimum tax liability and regular liability. Requires any deduction allowed for costs taken into account in computing such credit to be reduced by the amount of the credit attributable to such costs. Expands the enhanced oil recovery tax credit to apply to the advanced secondary recovery costs of independent producers. Increases from 25 to 27.5 the percentage depletion for stripper wells. Repeals the net income limitation on percentage depletion for oil and gas properties. Allows a tax deduction for the costs of qualified clean-burning (natural gas, liquefied petroleum gas, or alcohol) motor vehicle fuel property or refueling property. Authorizes the Secretary of the Treasury to make equivalent payments to States and local governments in connection with qualified property. Imposes an excise tax on the first sale within the United States of imports of: (1) crude oil; and (2) refined petroleum products. Sets the rate of the tax as the differences between $25 per barrel ($28 for refined petroleum products) and the energy policy price per barrel of crude oil, as determined by the Secretary of the Treasury in accordance with a specified formula. Sets forth registration and reporting requirements for persons subject to such tax.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 25 February 1992

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