Energy Independence, Infrastructure, and Investment Act of 1993

Summary

TABLE OF CONTENTS: Title I: Energy Independence Incentives Title II: Infrastructure Incentives Title III: Investment Incentives Energy Independence, Infrastructure, and Investment Act of 1993 - Title I: Energy Independence Incentives - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of any crude oil or refined petroleum product imported into the United States. (The tax is imposed on first use if no prior tax has been imposed.) Exempts crude oil and refined petroleum products purchased for export. Title II: Infrastructure Incentives - Amends the Internal Revenue Code to increase the percentage depletion for stripper wells. Repeals the net income limitation on percentage depletion for oil and gas properties. Establishes a crude oil and natural gas exploration and development tax credit. Allows a ten percent credit for qualified investments exceeding $1 million, 20 percent for those of $1 million 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. Establishes a marginal production income tax credit for producers who maintain economically unproductive oil wells. Applies the credit to domestic crude that is: (1) from stripper well property; (2) heavy oil; or (3) oil recovered through a tertiary recovery method. Expands the enhanced oil recovery tax credit to apply to the advanced secondary recovery costs of independent producers. Increases the required production of barrels of oil or natural gas per day for stripper wells. Title III: Investment Incentives - Treats certain geological and geophysical costs and surface casing costs as intangible drilling and development costs that a taxpayer may elect to amortize or to deduct for income tax purposes. Makes depreciation adjustments in computing such income inapplicable to environmental improvement assets.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 February 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 February 1993

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• Introduced in Senate

  summary · EN · 16 February 1993

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