S.Amdt. 912
What it does: Adds SEC. __. ENHANCED OIL RECOVERY INCENTIVES FOR THE PRODUCTION OF OIL FROM SHALE wherever appropriate
Sen. James M. Inhofe (R-OK)What it changes
1 change to H.R. 6
Adds SEC. __. ENHANCED OIL RECOVERY INCENTIVES FOR THE PRODUCTION OF OIL FROM SHALE wherever appropriate
Adds a sectionInserted: SEC. __. ENHANCED OIL RECOVERY INCENTIVES FOR THE PRODUCTION OF OIL FROM SHALE.
Inserted: (a) In General.--Section 43(c) of the Internal Revenue Code of 1986, as amended by this Act, is amended by adding at the end the following:
Inserted: "(7) Application of section to qualified oil shale well projects.--
Inserted: "(A) In general.--For purposes of this section, the taxpayer's qualified oil shale well project costs for any taxable year shall be treated in the same manner as if they were qualified enhanced oil recovery costs.
Inserted: "(B) Qualified oil shale well project costs.--For purposes of this paragraph, the term 'qualified oil shale well project costs' shall be the costs determined under paragraph (1) by substituting 'qualified oil shale well project' for 'qualified enhanced oil recovery project' each place it appears.
Inserted: "(C) Qualified oil shale well project.--For purposes of this paragraph, the term 'qualified oil shale well project' means any project--
Inserted: "(i) which involves the construction and operation of a well to produce oil in naturally liquid form from shale, and
Inserted: "(ii) which is located within the United States.
Inserted: "(D) Phase-out not to apply.--Subsection (b) shall not apply to any qualified oil shale well project.
Inserted: "(E) Termination.--This paragraph shall not apply to qualified oil well shale project costs paid or incurred after December 31, 2010.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to costs paid or incurred in taxable years ending after December 31, 2005.
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Original wording
At the appropriate place insert the following:
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As printed
SA 912. Mr. INHOFE submitted an amendment intended to be proposed by him to the bill H.R. 6, to ensure jobs for our future with secure, affordable, and reliable energy; which was ordered to lie on the table; as follows:
At the appropriate place insert the following:
SEC. __. ENHANCED OIL RECOVERY INCENTIVES FOR THE PRODUCTION OF OIL FROM SHALE.
(a) In General.--Section 43(c) of the Internal Revenue Code of 1986, as amended by this Act, is amended by adding at the end the following:
“(7) Application of section to qualified oil shale well projects.--
“(A) In general.--For purposes of this section, the taxpayer's qualified oil shale well project costs for any taxable year shall be treated in the same manner as if they were qualified enhanced oil recovery costs.
“(B) Qualified oil shale well project costs.--For purposes of this paragraph, the term ‘qualified oil shale well project costs' shall be the costs determined under paragraph (1) by substituting ‘qualified oil shale well project' for ‘qualified enhanced oil recovery project' each place it appears.
“(C) Qualified oil shale well project.--For purposes of this paragraph, the term ‘qualified oil shale well project' means any project--
“(i) which involves the construction and operation of a well to produce oil in naturally liquid form from shale, and
“(ii) which is located within the United States.
“(D) Phase-out not to apply.--Subsection (b) shall not apply to any qualified oil shale well project.
“(E) Termination.--This paragraph shall not apply to qualified oil well shale project costs paid or incurred after December 31, 2010.”.
(b) Effective Date.--The amendment made by this section shall apply to costs paid or incurred in taxable years ending after December 31, 2005.
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Senate amendment submitted
June 22, 2005