Marginal Well Production Preservation and Enhancement Act

Bill: 110-hr-6697
Sponsor: Rep. Boren, Dan [D-OK-2]
Introduced: 2008-07-31 in the House
Policy area: Taxation
Subjects: Air pollution control
Commerce
Depletion allowances
Depreciation and amortization
Energy
Energy storage
Environmental Protection
Gas industry
Income tax
Natural gas
Oil pollution
Oil well drilling
Petroleum industry
Tax deductions
Waste water treatment
Water pollution control
Water treatment plants

Summary:
action_date: 2008-07-31
text: 
Marginal Well Production Preservation and Enhancement Act - Amends the Internal Revenue Code to: (1) increase to 27.5% the percentage depletion allowance for domestic crude oil and natural gas production from marginal properties; (2) extend through 2008 the temporary suspension of the taxable income limit with respect to marginal production of crude oil and natural gas; and (3) accelerate to three years the recovery period of qualified tertiary injectant property for depreciation purposes.

Amends the Clean Air Act with respect to emissions from small oil and gas exploration and production-related equipment. 

Amends the Federal Water Pollution Control Act to: (1) amend the definition of &quot;wastewater treatment facility&quot; to include produced water from an oil production facility; and (2) require the Administrator of the Environmental Protection Agency (EPA) to establish cost-effective minimal requirements for the prevention of oil and hazardous substance discharges for small facilities with oil storage capacities of less than 50,000 gallons at which no single tank exceeds a nominal capacity of 21,000 gallons. 


Legislative actions:
action_date: 2008-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-07-31
text: Referred to the Subcommittee on Energy and Air Quality.
action_date: 2008-07-31
text: Introduced in House
action_date: 2008-07-31
text: Introduced in House