HR 3688 · 105th Congress · Taxation

To amend the Internal Revenue Code of 1986 to provide a tax credit for marginal oil and natural gas well production.

Introduced 1998-04-01· Sponsored by Rep. Watkins, Wes [R-OK-3]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(1998-04-01)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (20)

5 Democrats15 Republicans
Rep. Istook, Ernest J., Jr. [R-OK-5]OK
Rep. Watts, J. C., Jr. [R-OK-4]OK
Rep. McCrery, Jim [R-LA-4]LA
Rep. Largent, Steve [R-OK-1]OK
Rep. Skeen, Joe [R-NM-2]NM
Rep. Moran, Jerry [R-KS-1]KS
Rep. Lucas, Frank D. [R-OK-6]OK
Rep. Jefferson, William J. [D-LA-2]LA
Rep. Stenholm, Charles W. [D-TX-17]TX
Rep. Combest, Larry [R-TX-19]TX
Rep. Frost, Martin [D-TX-24]TX
Rep. Sessions, Pete [R-TX-5]TX
Rep. Bonilla, Henry [R-TX-23]TX
Rep. Dooley, Calvin M. [D-CA-20]CA
Rep. Barton, Joe [R-TX-6]TX
Rep. Bunning, Jim [R-KY-4]KY
Rep. Smith, Lamar [R-TX-21]TX
Rep. Poshard, Glenn [D-IL-19]IL
Rep. Lewis, Ron [R-KY-2]KY
Rep. Thornberry, Mac [R-TX-13]TX