Committee/Subcommittee: | Activity: | |
House Ways and Means | Referral |
Bill: | Relationship: |
S.595 | Identical bill identified by CRS |
***NONE***
Rep Armey, Richard K. - 3/23/1999 | Rep Barcia, James A. - 3/18/1999 |
Rep Bonilla, Henry - 3/23/1999 | Rep Brady, Kevin - 3/24/1999 |
Rep Coburn, Tom A. - 3/25/1999 | Rep Combest, Larry - 3/25/1999 |
Rep Duncan, John J., Jr. - 7/27/2000 | Rep Frost, Martin - 3/24/1999 |
Rep Granger, Kay - 3/18/1999 | Rep Hall, Ralph M. - 7/15/1999 |
Rep Hill, Rick - 3/18/1999 | Rep Hostettler, John N. - 6/15/1999 |
Rep Hutchinson, Asa - 6/27/2000 | Rep John, Christopher - 3/23/1999 |
Rep Largent, Steve - 3/25/1999 | Rep LaTourette, Steve C. - 7/25/2000 |
Rep Lucas, Frank D. - 4/12/1999 | Rep McCrery, Jim - 3/18/1999 |
Rep McHugh, John M. - 7/11/2000 | Rep Moore, Dennis - 7/17/2000 |
Rep Ney, Robert W. - 3/23/1999 | Rep Peterson, John E. - 3/18/1999 |
Rep Pickering, Charles (Chip) - 3/16/1999 | Rep Schaffer, Bob - 4/28/1999 |
Rep Sessions, Pete - 3/16/1999 | Rep Shimkus, John - 7/11/2000 |
Rep Shows, Ronnie - 3/18/1999 | Rep Skelton, Ike - 7/11/2000 |
Rep Smith, Lamar - 3/23/1999 | Rep Souder, Mark E. - 7/22/1999 |
Rep Terry, Lee - 7/27/1999 | Rep Watkins, Wes - 3/16/1999 |
Rep Watts, J. C., Jr. - 3/25/1999 | Rep Young, Don - 3/18/1999 |
TABLE OF CONTENTS:
TABLE OF CONTENTS:
Title I: Domestic Oil and Gas Production Preservation
Provisions
Title II: Domestic Oil and Gas Industry Crisis Tax Relief
Subtitle A: Credits to Cash Provisions
Subtitle B: Hard Times Tax Relief
Subtitle C: Oil-for-Food Program compensating Tax
Benefits
Title III: Foreign Oil Reliance Reversal Provisions
Title IV: National Security Emergency Provisions
Domestic Oil and Gas Crisis Tax Relief and Foreign Oil Reliance Reversal Act of 1999 - Title I: Domestic Oil and Gas Production Preservation Provisions - Amends the Internal Revenue Code to provide for a marginal oil and gas well production credit.
Excludes from gross income certain income attributable to independent producer oil from a recovered inactive well.
Extends the enhanced oil recovery credit to include certain nontertiary recovery methods.
Title II: Domestic Oil and Gas Industry Crisis Tax Relief - Subtitle A: Credits to Cash Provisions - Provides a ten-year carryback for: (1) unused energy minimum tax credits; (2) percentage depletion for oil and gas recovery; and (3) losses attributable to oil servicing companies and mineral interests of oil and gas producers. Provides for a waiver of limitations.
Subtitle B: Hard Times Tax Relief - Provides, as a general rule, that in computing the alternative minimum taxable income of any taxpayer which is an integrated oil company for any taxable year beginning after 1998, there shall be allowed as a deduction an amount equal to the alternative tax energy preference deduction (as defined).
Makes the depreciation adjustment inapplicable to property used in the active conduct of the trade or business of exploring for, extracting, developing, or gathering crude oil or natural gas. Repeals specified adjustments.
Allows using the enhanced oil recovery credit and the credit for producing oil from a nonconventional source against the minimum tax.
Subtitle C: Oil-for-Food Program Compensating Tax Benefits - Increases the percentage depletion for stripper wells.
Repeals the net income limitation on percentage depletion for oil and gas properties.
Permits a taxpayer to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, oil or gas within the United States as expenses which are not chargeable to capital account.
Doubles from the 90th to the 180th day the time allowed under the "spudding rule."
Title III: Foreign Oil Reliance Reversal Provisions - Establishes a crude oil and natural gas exploration credit.
Title IV: National Security Emergency Provisions - Directs the President to: (1) establish a National Security Energy Independence Ceiling which shall represent a ceiling beyond which foreign crude and oil product imports as a share of U.S. crude and oil product consumption shall not rise; (2) report to Congress annually with a national security projection for energy independence; and (3) certify whether such imports will exceed the ceiling. Provides for review of each projection by Congress. Requires the President, if the ceiling level will be exceeded, to submit a National Security and Oil production policy to Congress which shall prevent such imports from the exceeding the National Security Energy Independence Ceiling.