A bill to amend the Internal Revenue Code of 1986 to provide a tax credit for the production of oil and gas from existing marginal oil and gas wells and from new oil and gas wells.

referredUnited States· United States Congress· EN

Introduced

4 January 1995

Last action

—

Status

Read twice and referred to the Committee on Finance.

Summary

Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from new wells and marginal wells. Provides: (1) a formula for reducing such credit in years in which oil and gas prices increase; and (2) an inflation adjustment for such formula. Allows such credit against the regular and minimum tax.

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 · 4 January 1995
View Download Open at official source
Introduced in Senate (PDF)
Introduced in Senate · EN · 4 January 1995
View Download Open at official source
Introduced in Senate
summary · EN · 4 January 1995
Open at official 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/104th-congress/senate-bill/32
Open data entity: https://api.congress.gov/v3/bill/104/s/32