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- S.770
S.770: Domestic Oil and Gas Preservation Act
About This Bill
- This bill was introduced in the 105th Congress
- This bill is primarily about taxation
- Introduced May 20, 1997
- Latest Major Action May 20, 1997
Bill Sponsor
Bill Cosponsors
5 (All Republicans)
Bill 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Finance.
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| May 20, 1997 |
Introduced in the Senate by Don Nickles (R-Okla.) |