Domestic Energy Improvement Act of 1990

[AI summary unavailable — showing source text] Domestic Energy Improvement Act of 1990 - Title I: Percentage Depletion and Intangible Drilling Costs - Amends the Internal Revenue Code to increase to 27.5 percent the depletion allowance for oil and gas wells. Permits the use of such allowance after the transfer of proven oil or gas property. Allows the use of percentage depletion for stripper well production of retailers and certain refiners. Provides that the net income limitation on such allowance does not apply to oil or gas wells. States that intangible drilling costs include geological, geophysical, and surface casing costs. Removes intangible drilling costs from the required 30-percent capitalization of certain exploration and development costs under special rules relating to corporate preference items (thus permitting 100 percent deduction of such costs). Removes intangible drilling costs as an item of tax preference. Title II: Domestic Energy Improvement Tax Credits - Establishes a tax credit of ten percent of the cost of each barrel of crude oil produced from economically unproductive wells. Places limitations on the amount of such credit and provides for the carryback of unused credit. Establishes a formula for determi…