A bill to amend the Internal Revenue Code of 1954 to restore the deduction for percentage depletion for oil and gas wells to the 1969 level, to restore intangible drilling costs for intergrated oil companies to full deductibility, and to remove the intangible drilling cost deduction for individuals from the list of tax preferences subject to the minimum tax.
Oil and Gas Exploration Incentive Restoaration Act of 1983 - Amends the Internal Revenue Code to restore percentage depletion for oil and gas exploration to 27 1/2 percent. Makes percentage depletion fully available to both integrated and independent oil producers.
Removes the intangible drilling cost deduction from the list of tax-preference items subject to the alternative minimum tax.
Restores full deductibility for intangible drilling costs incurred by integrated oil companies.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department, Energy Department.
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