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H. R. 4476: a bill that may be cited as the Emergency Energy Act of 1986. Introduced in the House of Representatives, Ninety-Ninth Congress, Second Session, March 21, 1986

Book ·
OSTI ID:5919430
The Emergency Energy Act of 1986 amends the Internal Revenue Code section on foreign tax credits and severance taxes to encourage domestic oil exploration and production. The legislation sets a limit on tax liability, and permits a carryover of unused credits. There are also changes in the tax code to cover capital gains from oil-related transactions when insolvency is a problem. Other sections deal with depletion allowances, intangible drilling costs, net income limitations, and separate property electrons. The Act repeals some restrictions and exempt stripper wells from the Windfall Profits Tax. Title II deregulates certain wellhead natural gas prices, while Title II eliminates some of the use restrictions on oil and gas. The final titles repeal incremental pricing, increase the Strategic Petroleum Reserve goal to 750 million barrels, and limit the time for plugging abandoned wells to one year.
OSTI ID:
5919430
Country of Publication:
United States
Language:
English

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Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294000 -- Energy Planning & Policy-- Fossil Fuels
DEPLETION ALLOWANCES
DEREGULATION
ENERGY SOURCE DEVELOPMENT
ENERGY SOURCES
FINANCIAL INCENTIVES
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
LAWS
LEGISLATION
NATIONAL ORGANIZATIONS
NATURAL GAS
PETROLEUM
PRICING REGULATIONS
REGULATIONS
RESERVES
RESOURCES
SEVERANCE TAX
STRATEGIC PETROLEUM RESERVE
TAX CREDITS
TAX LAWS
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS