H.R.4190 - Oil and Gas Exploration Incentive Act102nd Congress (1991-1992)
|Sponsor:||Rep. Wise, Robert E., Jr. [D-WV-3] (Introduced 02/05/1992)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/05/1992 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4190 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (02/05/1992)
Oil and Gas Exploration Incentive Act - Amends the Internal Revenue Code to remove percentage depletion and intangible drilling costs from computation of the alternative minimum tax.
Makes permanent the credit for producing fuel from a nonconventional source. Allows such credit to offset the alternative minimum tax. Limits such credit to the production of a specified amount of gas or oil from any one well or in any one facility.