Summary: H.R.2072 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.2072. Bill summaries are authored by CRS.

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Introduced in House (06/26/1997)

Inactive Well 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.