Tax credits for exploring for oil in deep water & Arctic
Roemer co-sponsored H.R.1824, the Hostile Areas Exploration Incentive Act of 1987, which allows income tax credits for costs incurred in the exploration and production of oil or gas in areas on the outer continental shelf where the water depth is at leas
600 feet (domestic frontier areas) and areas located north of the 49th parallel (Arctic areas). Sets the rates of the credits as follows;
for the exploration credit,
15 percent of the exploration and drilling costs incurred; and
for the production credit, $5 per barrel or barrel-of-oil equivalent. Reduces the credit for exploration or production in water depths between 600 and 1,199 feet.
Limits the amount of each credit based on the average price of domestic crude oil. Provides for inflation adjustments to such limitation.
Source: Bill co-sponsorship records from Library of Congress
Mar 25, 1987
Repeal windfall profit tax on domestic crude oil
Roemer co-sponsored H.R.4887, A bill to repeal the windfall profit tax on domestic crude oil. Sponsor: Rep Archer, Bill [TX-7]; Cosponsors (45).
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil.
Source: Bill co-sponsorship records from Library of Congress
May 22, 1986
