Text: H.R.5090 — 108th Congress (2003-2004)All Information (Except Text)

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Introduced in House (09/15/2004)

 
[Congressional Bills 108th Congress]
[From the U.S. Government Printing Office]
[H.R. 5090 Introduced in House (IH)]







108th CONGRESS
  2d Session
                                H. R. 5090

 To amend the Internal Revenue Code of 1986 to provide that the credit 
  for producing fuel from a nonconventional source shall apply to gas 
     produced onshore from a formation more than 15,000 feet deep.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2004

Mr. Cole (for himself, Mr. Lucas of Oklahoma, Mr. Sullivan, Mr. Istook, 
and Mr. Peterson of Pennsylvania) introduced the following bill; which 
            was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide that the credit 
  for producing fuel from a nonconventional source shall apply to gas 
     produced onshore from a formation more than 15,000 feet deep.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Natural Gas Production Act of 
2004''.

SEC. 2. CREDIT FOR PRODUCING FUEL FROM NONCONVENTIONAL SOURCE TO APPLY 
              TO GAS PRODUCED ONSHORE FROM FORMATIONS MORE THAN 15,000 
              FEET DEEP.

    (a) In General.--Subparagraph (B) of section 29(c)(1) of the 
Internal Revenue Code of 1986 (defining qualified fuels) is amended by 
striking ``or'' at the end of clause (i), by striking ``and'' at the 
end of clause (ii) and inserting ``or'', and by inserting after clause 
(ii) the following new clause:
                            ``(iii) an onshore well from a formation 
                        more than 15,000 feet deep, and''.
    (b) Eligible Wells.--Section 29 of such Code is amended by adding 
at the end the following new subsection:
    ``(h) Eligible Deep Gas Well Wells.--In the case of a well 
producing qualified fuel described in subparagraph (B)(iii)--
            ``(1) for purposes of subsection (f)(1)(A), such well shall 
        be treated as drilled before January 1, 1993, if such well is 
        drilled after the date of the enactment of this subsection, and
            ``(2) subsection (f)(2) shall not apply.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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