Summary: H.R.4643 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.4643. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/21/1986)

Amends the Internal Revenue Code to allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. (Present law disallows such a deduction after a transfer to a new owner.)

Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. (Present law disallows such an exemption after the transfer of a stripper well.)