H.R.805 - Independent Energy Production Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Thornberry, Mac [R-TX-13] (Introduced 02/28/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||02/28/2001 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.805 — 107th Congress (2001-2002)All Bill Information (Except Text)
Independent Energy Production Act of 2001 - Marginal Well Preservation Act of 2001 - Amends the Internal Revenue Code to set forth provisions relating to domestic oil and gas production which: (1) establish a credit for producing oil and gas from marginal wells; and (2) permit a taxpayer to expense geological and geophysical expenditures and to delay rental payments in connection with oil and gas development.
Introduced in House (02/28/2001)
Permits a five-year net operating loss carryback for losses attributable to operating mineral interests of independent oil and gas producers.