Enhanced Oil and Gas Recovery Tax Act of 1989

Summary

Enhanced Oil and Gas Recovery Tax Act of 1989 - Amends the Internal Revenue Code to set a depletion allowance of 27.5 percent in connection with domestic oil and natural gas recovered through enhanced recovery techniques. Reduces this percentage (but not below 15 percent) as the average annual removal price during the calendar year exceeds $30 (indexed for inflation). Terminates this provision with respect to production after 2009. Increases from 50 percent to 100 percent the net income limitation on percentage depletion in connection with incremental tertiary oil or natural gas. Makes the alternative minimum tax preferences for percentage depletion and intangible drilling costs in connection with oil and gas removed through enhanced recovery methods inapplicable whenever the average annual removal price for the year is less than $30 (indexed for inflation). Terminates this provision with respect to production or costs after 2009. Permits a ten percent income tax credit for research to discover or improve tertiary recovery methods for domestic crude oil or natural gas.

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Timeline

1. 18 April 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 April 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 August 1989

   Committee

   Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 101-620.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 April 1989

  Open at official source

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Sponsors

• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Bingaman, Jeff [D-NM] · D · Sponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Sponsor
• Sen. McClure, James A. [R-ID] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Bumpers, Dale [D-AR] · D · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Enhanced Oil and Gas Recovery Tax Act of 1989
• related to → Enhanced Oil and Gas Recovery Tax Act of 1989