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U.S. Department of Energy
Office of Scientific and Technical Information

S. 828: Enhanced Oil and Gas Recovery Tax Act of 1989. Introduced in the Senate of the United States, One Hundred First Congress, First Session, April 18, 1989

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OSTI ID:5334746
Senate bill 828 would amend the Internal Revenue Code of 1986 to provide incentives for the removal of crude oil and natural gas through enhanced oil recovery techniques so as to add as much as 10 billion barrels to the US reserve base and to extend the production of certain stripper oil and gas wells. The bill describes the enhanced oil recovery depletion percentage (27.5 percent), the phase-out of oil prices increase, the average annual removal price, inflation adjustment, and incremental tertiary oil or gas. Also described are transition rules, special rules for existing projects, and coordination with other provisions. Amendments to the alternative minimum tax provisions and the research and development credit are included.
OSTI ID:
5334746
Country of Publication:
United States
Language:
English