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- H.R.3688
H.R.3688: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.
About This Bill
- This bill was introduced in the 105th Congress
- This bill is primarily about taxation
- Introduced April 1, 1998
- Latest Major Action April 1, 1998
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
24 (5 Democrats, 20 Republicans)
Bill Summary
Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from marginal wells of: (1) $3 per barrel of qualified crude oil production; and (2) $.50 per 1,000 cubic feet of qualified natural gas production. 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| April 1, 1998 |
Introduced in the House by Wes Watkins (R-Okla.) |