United States Energy Economic Growth Act

TABLE OF CONTENTS:

Title I: Production From Marginal and Inactive Wells

Title II: Other Incentives

United States Energy Economic Growth Act - Title I: Production From Marginal and Inactive Wells - Amends the Internal Revenue Code to allow a tax credit for marginal domestic oil and natural gas well production during any taxable year in the amount of $3 per barrel of qualified crude oil production and 50 cents per 1,000 cubic feet of qualified natural gas production, reduced, but not below zero, as oil and gas prices increase. States that the limitation to the general business credit, based on the amount of tax, shall not be reduced by the amount of the marginal oil and gas well credit.

Excludes from gross income, at the taxpayer's election, any income attributable to independent producer oil from a recovered inactive well, under certain conditions, while disallowing any deductions directly connected with such excluded amounts. Provides that, with respect to the alternative minimum tax, the inclusion of certain items in the computation of earnings and profits shall not apply to any income attributable to independent producer oil from a recovered inactive well that is excluded from gross income.

Title II: Other Incentives - Allows both geological and geophysical expenditures on domestic oil and gas exploration and development and delay rental payments, at the taxpayer's election, to be deducted from gross income at the time incurred.

Extends the special rule for the spudding of oil and gas wells.

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