Domestic Oil and Gas Preservation Act

Summary

Domestic Oil and Gas Preservation Act - Amends the Internal Revenue Code to allow an election to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, domestic oil or gas as expenses which are not chargeable to capital account. Repeals provisions relating to a limitation regarding the percentage depletion in the case of oil and gas wells. Allows an election to treat delay rental payments (amounts paid for the privilege of deferring development of an oil or gas well) incurred in connection with the development of domestic oil or gas as payments that are not chargeable to capital account, allowing any payments so treated as a deduction. Requires, in the case of a tax shelter, treating economic performance regarding amounts paid during the taxable year for drilling an oil or gas well as having occurred within a taxable year if drilling commences before the close of the 180th (currently, the 90th) day after the close of the taxable year. Amends provisions relating to an enhanced oil recovery credit to include hydro injection in the definition of "qualified enhanced oil recovery project."

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 May 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 May 1997

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• Introduced in Senate

  summary · EN · 20 May 1997

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