National Energy Independence Act of 1987

[AI summary unavailable — showing source text] National Energy Independence Act of 1987 - Amends the Internal Revenue Code (IRC) to increase from 15 percent to 27.5 percent the percentage depletion allowance applicable to oil and gas wells. Permits use of the depletion allowance with respect to the stripper well oil and natural gas production of certain retailers and refiners. Exempts oil and gas wells from the application of the net income limitation on percentage depletion. Treats certain geological and geophysical costs as intangible drilling and development costs that a taxpayer may elect either to capitalize or to deduct for income tax purposes. Repeals IRC provisions requiring a 30 percent reduction in the amount of the tax deduction for intangible drilling and development costs in the case of oil and gas wells. Repeals IRC provisions that identify intangible drilling costs as a tax preference item for purposes of determining alternative minimum tax liability. Establishes a marginal production income tax credit for producers who maintain economically unproductive oil wells. Applies such tax credit to domestic crude oil that is: (1) from stripper well property; (2) heavy oil; or (3) oil recovered through a tertiary recover…