Domestic Oil and Gas Crisis Tax Relief and Foreign Oil Reliance Reversal Act of 1999

TABLE OF CONTENTS:

Title I: Domestic Oil and Gas Production Preservation

Provisions

Title II: Domestic Oil and Gas Industry Crisis Tax Relief

Subtitle A: Credits to Cash Provisions

Subtitle B: Hard Times Tax Relief

Subtitle C: Oil-for-Food Program compensating Tax

Benefits

Title III: Foreign Oil Reliance Reversal Provisions

Title IV: National Security Emergency Provisions

Domestic Oil and Gas Crisis Tax Relief and Foreign Oil Reliance Reversal Act of 1999 - Title I: Domestic Oil and Gas Production Preservation Provisions - Amends the Internal Revenue Code to provide for a marginal oil and gas well production credit.

Excludes from gross income certain income attributable to independent producer oil from a recovered inactive well.

Extends the enhanced oil recovery credit to include certain nontertiary recovery methods.

Title II: Domestic Oil and Gas Industry Crisis Tax Relief - Subtitle A: Credits to Cash Provisions - Provides a ten-year carryback for: (1) unused energy minimum tax credits; (2) percentage depletion for oil and gas recovery; and (3) losses attributable to oil servicing companies and mineral interests of oil and gas producers. Provides for a waiver of limitations.

Subtitle B: Hard Times Tax Relief - Provides, as a general rule, that in computing the alternative minimum taxable income of any taxpayer which is an integrated oil company for any taxable year beginning after 1998, there shall be allowed as a deduction an amount equal to the alternative tax energy preference deduction (as defined).

Makes the depreciation adjustment inapplicable to property used in the active conduct of the trade or business of exploring for, extracting, developing, or gathering crude oil or natural gas. Repeals specified adjustments.

Allows using the enhanced oil recovery credit and the credit for producing oil from a nonconventional source against the minimum tax.

Subtitle C: Oil-for-Food Program Compensating Tax Benefits - Increases the percentage depletion for stripper wells.

Repeals the net income limitation on percentage depletion for oil and gas properties.

Permits a taxpayer to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, oil or gas within the United States as expenses which are not chargeable to capital account.

Doubles from the 90th to the 180th day the time allowed under the "spudding rule."

Title III: Foreign Oil Reliance Reversal Provisions - Establishes a crude oil and natural gas exploration credit.

Title IV: National Security Emergency Provisions - Directs the President to: (1) establish a National Security Energy Independence Ceiling which shall represent a ceiling beyond which foreign crude and oil product imports as a share of U.S. crude and oil product consumption shall not rise; (2) report to Congress annually with a national security projection for energy independence; and (3) certify whether such imports will exceed the ceiling. Provides for review of each projection by Congress. Requires the President, if the ceiling level will be exceeded, to submit a National Security and Oil production policy to Congress which shall prevent such imports from the exceeding the National Security Energy Independence Ceiling.