HR 497 · 106th Congress · Taxation

Emergency Oil and Gas Recovery Act

Introduced 1999-02-02· Sponsored by Rep. Thornberry, Mac [R-TX-13]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(1999-02-02)

Plain Language Summary

[AI summary unavailable — showing source text] Emergency Oil and Gas Recovery Act - Amends the Internal Revenue Code to exclude from gross income (if so elected by the taxpayer) income attributable to independent producer oil from a recovered inactive well. Includes both oil and natural gas in the definition of "independent producer oil." Prohibits deductions directly connected with amounts so excluded.…

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

Cosponsors (9)

5 Democrats4 Republicans
Rep. Bonilla, Henry [R-TX-23]TX
Rep. Hall, Ralph M. [D-TX-4]TX
Rep. Combest, Larry [R-TX-19]TX
Rep. John, Christopher [D-LA-7]LA
Rep. Ney, Robert W. [R-OH-18]OH
Rep. Sandlin, Max [D-TX-1]TX
Rep. Lucas, Frank D. [R-OK-6]OK
Rep. Bentsen, Ken [D-TX-25]TX
Rep. Stenholm, Charles W. [D-TX-17]TX