Bill Summary & Status for the 106th Congress

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H.R.53
Sponsor: Rep Watkins, Wes(introduced 1/6/1999)
Latest Major Action: 2/25/1999 Referred to House subcommittee
Title: To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.
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TITLE(S):  ()
STATUS: (color indicates Senate actions)
1/6/1999:
Referred to the House Committee on Ways and Means.
2/25/1999:
Referred to the Subcommittee on Oversight.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(43), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Barton, Joe - 2/3/1999 Rep Bonilla, Henry - 2/3/1999
Rep Brady, Kevin - 1/6/1999 Rep Burton, Dan - 3/25/1999
Rep Calvert, Ken - 7/13/1999 Rep Coburn, Tom A. - 4/28/1999
Rep Combest, Larry - 2/3/1999 Rep Costello, Jerry F. - 3/25/1999
Rep Dickey, Jay - 4/13/1999 Rep Frost, Martin - 2/3/1999
Rep Gonzalez, Charles A. - 4/13/1999 Rep Granger, Kay - 3/2/1999
Rep Green, Gene - 3/18/1999 Rep Hall, Ralph M. - 3/10/1999
Rep Herger, Wally - 3/25/1999 Rep Horn, Stephen - 5/5/1999
Rep Hostettler, John N. - 4/21/1999 Rep Istook, Ernest J., Jr. - 1/6/1999
Rep Kolbe, Jim - 9/24/1999 Rep Kuykendall, Steven T. - 6/22/1999
Rep Largent, Steve - 1/6/1999 Rep Lucas, Frank D. - 1/6/1999
Rep McCrery, Jim - 1/6/1999 Rep Miller, Gary - 3/25/1999
Rep Moran, Jerry - 1/6/1999 Rep Ney, Robert W. - 3/10/1999
Rep Phelps, David D. - 4/28/1999 Rep Pickering, Charles (Chip) - 3/25/1999
Rep Pombo, Richard W. - 3/25/1999 Rep Radanovich, George P. - 7/20/2000
Rep Rahall, Nick J., II - 3/10/1999 Rep Sandlin, Max - 9/24/1999
Rep Sessions, Pete - 3/22/2000 Rep Shimkus, John - 5/5/1999
Rep Shows, Ronnie - 3/10/1999 Rep Skeen, Joe - 1/6/1999
Rep Smith, Lamar - 1/6/1999 Rep Stenholm, Charles W. - 1/6/1999
Rep Thomas, William M. (Bill) - 1/6/1999 Rep Thornberry, William (Mac) - 1/6/1999
Rep Tiahrt, Todd - 2/3/1999 Rep Watts, J. C., Jr. - 1/6/1999
Rep Wise, Robert E., Jr. - 3/25/1999

SUMMARY AS OF:
1/6/1999--Introduced.

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 minimum tax.