Domestic Oil and Gas Production and Preservation Act

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax Incentives for Oil and Gas Production Subtitle A: Production Credit Subtitle B: Modifications to Percentage Depletion Subtitle C: Other Provisions Title II: Regulatory Reform Subtitle A: Oil Pollution Act Amendments Subtitle B: Oil and Gas Royalties Subtitle C: Private Property Rights Subtitle D: Risk Assessments Title III: Repeal of Limitations on Exports Domestic Oil and Gas Production and Preservation Act - Title I: Tax Incentives for Oil and Gas Production - Subtitle A: Production Credit - Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from new wells and marginal wells. 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. Subtitle B: Modifications to Percentage Depletion - Repeals the net income limitation on percentage depletion for oil and gas properties. (Sec. 112) Makes all marginal production of domestic crude oil or domestic natural gas eligible for percentage depletion. (Sec. 114) Revises the percentage depletion rate for such marginal p…