Summary: H.R.3688 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3688. Bill summaries are authored by CRS.

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Introduced in House (04/01/1998)

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.