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- S.1199
S.1199: A bill to amend the Internal Revenue Code of 1986 to allow a tax credit for marginal domestic oil and natural gas well production and an election to expense geological and geophysical expenditures and delay rental payments.
About This Bill
- This bill was introduced in the 107th Congress
- This bill is primarily about taxation
- Introduced July 19, 2001
- Latest Major Action July 19, 2001
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
20 (4 Democrats, 17 Republicans)
Bill Summary
Amends the Internal Revenue Code to allow a tax credit for marginal domestic oil and natural gas well production during any taxable year in the amount of $3 per barrel of qualified crude oil production and 50 cents per 1,000 cubic feet of qualified natural gas production, reduced, but not below zero, as oil and gas prices increase. States that the limitation to the general business credit, based on the amount of tax, shall not be reduced by...
(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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| July 19, 2001 |
Introduced in the Senate by Kay Bailey Hutchison (R-Texas) |