To amend the Internal Revenue Code of 1986 to deny the option to expense intangible drilling and development costs for wells drilled within the Alaska National Wildlife Refuge, to provide incentives for the removal of crude oil and natural gas through enhanced oil recovery techniques, and for other purposes.
Enhanced Oil Recovery Act of 1991 - Amends the Internal Revenue Code to deny the deduction for intangible drilling costs in the case of oil and gas wells and geothermal wells with respect to any well located within the Alaska National Wildlife Refuge. Allows deduction of such costs for any injection wells drilled as part of a qualified enhanced oil recovery project.
Establishes a formula to base the enhanced oil recovery credit on the price of oil.
Allows the use of the percentage depletion deduction for domestic crude oil resulting from tertiary enhancement recovery methods of cyclic microbial injection and other types of permeability modification treatments. Specifies new processes to be treated as tertiary methods.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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