In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Ex Input:
S.

    Section 304 of the Congressional Budget Act of 1974 is amended to 
read as follows:

             ``permissible revisions of budget resolutions

    ``Sec. 304. At any time after the joint resolution on the budget 
for a fiscal year has been enacted pursuant to section 301, and before 
the end of such fiscal year, the two Houses and the President may enact 
a joint resolution on the budget which revises or reaffirms the joint 
resolution on the budget for such fiscal year most recently enacted, 
and for purposes of the enforcement of the Congressional Budget Act of 
1974, the chairman of the Budget Committee of the House of 
Representatives or the Senate, as applicable, may adjust levels as 
needed for the enforcement of the budget resolution.''.

SEC. 6. LIMITATION ON THE CONTENT OF BUDGET RESOLUTIONS.

    Section 305 of the Congressional Budget Act of 1974 is amended by 
adding at the end the following new subsection:
    ``(e) Limitation on Contents.--(1) It shall not be in order in the 
House of Representatives or in the Senate to consider any joint 
resolution on the budget or any amendment thereto or conference report 
thereon that contains any matter referred to in paragraph (2).
    ``(2) Any joint resolution on the budget or any amendment thereto 
or conference report thereon that contains any matter not permitted in 
section 301 (a) or (b) shall not be treated in the House of 
Representatives or the Senate as a budget resolution under subsection 
(a) or (b) or as a conference report on a budget resolution under 
subsection (c) of this section.''.

SEC. 7. DEEMING OF BUDGETARY AGGREGATES, ALLOCATIONS, AND 
              RECONCILIATION INSTRUCTIONS IN THE HOUSE AND SENATE UPON 
              VETO OF JOINT RESOLUTION ON THE BUDGET.

    (a) In General.--Title III of the Congressional Budget Act of 1974 
is amended by adding after section 315 the following new section:

 ``automatic standing order upon veto of joint resolution on the budget

    ``Sec. 316. For purposes of congressional enforcement under title 
III and IV of this Act and the rules of the House and the Senate, the 
joint resolution shall be considered as enforceable upon enactment or 
15 days following presentment to the President, whichever occurs 
earlier.''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by inserting after the item relating to section 315 the 
following new item:

``Sec. 316. Automatic standing order upon veto of joint resolution on 
                            the budget.''.

SEC. 8. ADDITIONAL AMENDMENTS TO THE CONGRESSIONAL BUDGET ACT OF 1974 
              TO EFFECTUATE JOINT RESOLUTIONS ON THE BUDGET.

    (a) Additional Amendments to the Congressional Budget and 
Impoundment Control Act of 1974.--(1)(A) Sections 301, 302, 303, 304, 
305, 308, 310, 311, 312, 314, 405, and 904 of the Congressional Budget 
Act of 1974 (2 U.S.C. 621 et seq.) are amended by striking 
``concurrent'' each place it appears and inserting ``joint''.
    (B)(i) Sections 302(d), 302(g), 308(a)(1)(A), and 310(d)(1) of the 
Congressional Budget Act of 1974 are amended by striking ``most 
recently agreed to concurrent resolution on the budget'' each place it 
occurs and inserting ``most recently enacted joint resolution on the 
budget''.
    (ii) The section heading of section 301 of such Act is amended by 
striking ``annual adoption of concurrent resolution'' and inserting 
``joint resolutions''.
    (C) Sections 302, 303, 304, 310, and 311 of the Congressional 
Budget Act of 1974 are amended by striking ``agreed to'' each place it 
appears and by inserting ``enacted''.
    (2) The table of contents set forth in section 1(b) of the 
Congressional Budget and Impoundment Control Act of 1974 is amended--
            (A) in the item relating to section 301, by striking 
        ``Annual adoption of concurrent resolution'' and inserting 
        ``Joint resolutions''; and
            (B) by striking ``concurrent'' and inserting ``joint'' in 
        the item relating to section 305.
    (b) Conforming Amendment.--Any side heading within any section of 
title III of the Congressional Budget and Impoundment Control Act of 
1974 is amended by striking ``Concurrent'' and inserting ``Joint'' and 
any center heading in any section of that title is amended by striking 
``concurrent'' and inserting ``joint''.

SEC. 9. AMENDMENTS TO THE RULES OF THE HOUSE OF REPRESENTATIVES TO 
              EFFECTUATE JOINT BUDGET RESOLUTIONS.

    Clauses 1(d)(1), 4(a)(4), 4(b)(2), 4(f)(1)(A), and 4(f)(2) of rule 
X, clause 10 of rule XVIII, clause 10 of rule XX, and clauses 7 and 10 
of rule XXI of the Rules of the House of Representatives are amended by 
striking ``concurrent'' each place it appears and inserting ``joint''.

SEC. 10. CONFORMING AMENDMENTS TO THE BALANCED BUDGET AND EMERGENCY 
              DEFICIT CONTROL ACT OF 1985.

    Section 258C(b)(1) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 907d(b)(1)) is amended by striking 
``concurrent'' and inserting ``joint''.

Ex Output:
Legally Binding Budget Act of 2013 - Amends the Congressional Budget Act of 1974 (CBA) to require joint budget resolutions signed by the President instead of the concurrent resolutions now required (which do not have to be signed by the President). Revises accordingly the congressional procedures for considering joint budget resolutions. Prohibits the consideration of budget-related legislation before the joint budget resolution becomes law. Requires the joint budget resolution to set forth appropriate levels for the fiscal year beginning on October 1 of such year and for at least each of the four ensuing fiscal years for the public debt limit for display purposes only. Permits revisions of joint budget resolutions already enacted. Makes a conforming amendment to the Congressional Budget and Impoundment Control Act of 1974. Makes it out of order in both chambers to consider any joint budget resolution, amendment, or conference report that contains certain matter prohibited by the CBA, particularly inclusion in the surplus or deficit totals of any outlays and revenue totals of the Old Age, Survivors, and Disability Insurance (OASDI) program under title II of the Social Security Act. Considers the joint budget resolution as enforceable upon enactment or 15 days following presentment to the President, whichever occurs earlier. (Thus creates an automatic standing order upon a presidential veto of a joint budget resolution.)  Makes conforming amendments to: (1) the Rules of the House of Representatives, and (2) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Authority to Schools Act 
of 2004''.

SEC. 2. PURPOSES.

    The purposes of this Act are--
            (1) to restore authority to the public schools to conduct 
        education as a human enterprise;
            (2) to limit Federal court oversight of public schools to 
        that which is reasonable and necessary to implement Federal 
        law; and
            (3) to allow State and local education officials to bring 
        new insights and solutions to problems of allocating revenues 
        and resources for the common good in keeping with their 
        designated legislative and executive powers.

SEC. 3. APPROPRIATE REMEDIES WITH RESPECT TO VIOLATIONS OF FEDERAL LAW 
              IN THE PUBLIC SCHOOLS.

    (a) Requirements for Relief.--
            (1) Prospective relief.--
                    (A) Prospective relief in any civil action with 
                respect to violations of Federal law in the public 
                schools shall extend no further than necessary to 
                correct the violation of the Federal right of a 
                particular plaintiff or plaintiffs. The court shall not 
                grant or approve any prospective relief unless the 
                court finds that such relief is narrowly drawn, extends 
                no further than necessary to correct the violation of 
                the Federal right, and is the least intrusive means 
                necessary to correct the violation of the Federal 
                right. The court shall give substantial weight to any 
                adverse impact on other students or the school 
                community as a whole caused by the relief.
                    (B) The court shall not order any prospective 
                relief that requires or permits a government official 
                to exceed his or her authority under State or local law 
                or otherwise violates State or local law, unless--
                            (i) Federal law requires such relief to be 
                        ordered in violation of State or local law;
                            (ii) the relief is necessary to correct the 
                        violation of a Federal right; and
                            (iii) no other relief will correct the 
                        violation of the Federal right.
            (2) Preliminary injunctive relief.--In any civil action 
        with respect to violations of Federal law in the public 
        schools, to the extent otherwise authorized by law, the court 
        may enter a temporary restraining order or an order for 
        preliminary injunctive relief. Preliminary injunctive relief 
        must be narrowly drawn, extend no further than necessary to 
        correct the harm the court finds requires preliminary relief, 
        and be the least intrusive means necessary to correct that 
        harm. The court shall give substantial weight to any adverse 
        impact on other students or the school community as a whole 
        caused by the preliminary relief and shall respect the 
        principles of comity set out in paragraph (1)(B) in tailoring 
        any preliminary relief. Preliminary injunctive relief shall 
        automatically expire on the date that is 90 days after its 
        entry, unless the court makes the findings required under 
        subsection (a)(1) for the entry of prospective relief and makes 
        the order final before the expiration of the 90-day period.
    (b) Termination of Relief.--
            (1) Termination of prospective relief.--
                    (A) In any civil action with respect to violations 
                of Federal law in the public schools in which 
                prospective relief is ordered, such relief shall be 
                terminable upon the motion of any party or intervener--
                            (i) 2 years after the date the court 
                        granted or approved the prospective relief;
                            (ii) 1 year after the date the court has 
                        entered an order denying termination of 
                        prospective relief under this paragraph; or
                            (iii) in the case of an order issued on or 
                        before the date of enactment of the Restoring 
                        Authority to Schools Act (enacted ____ __, 
                        2004), 2 years after such date of enactment.
                    (B) Nothing in this section shall prevent the 
                parties from agreeing to terminate or modify relief 
                before the relief is terminated under subparagraph (A).
            (2) Immediate termination of prospective relief.--In any 
        civil action with respect to violations of Federal law in the 
        public schools, a defendant or intervener shall be entitled to 
        the immediate termination of any prospective relief if the 
        relief was approved or granted in the absence of a finding by 
        the court that the relief is narrowly drawn, extends no further 
        than necessary to correct the violation of the Federal right, 
        and is the least intrusive means necessary to correct the 
        violation of the Federal right.
            (3) Limitation.--Prospective relief shall not terminate if 
        the court makes written findings based on the record that 
        prospective relief remains necessary to correct a current and 
        ongoing violation of the Federal right, extends no further than 
        necessary to correct the violation of the Federal right, and 
        that the prospective relief is narrowly drawn and the least 
        intrusive means to correct the violation.
            (4) Termination or modification of relief.--Nothing in this 
        section shall prevent any party or intervener from seeking 
        modification or termination before the relief is terminable 
        under paragraph (1) or (2), to the extent that modification or 
        termination would otherwise be legally permissible.
    (c) Settlements.--
            (1) Consent decrees.--In any civil action with respect to 
        violations of Federal law in the public schools, the court 
        shall not enter or approve a consent decree unless it complies 
        with the limitations on relief set forth in subsection (a).
            (2) Private settlement agreements.--
                    (A) Nothing in this section shall preclude parties 
                from entering into a private settlement agreement that 
                does not comply with the limitations on relief set 
                forth in subsection (a), if the terms of that agreement 
                are not subject to court enforcement other than the 
                reinstatement of the civil proceeding that the 
                agreement settled.
                    (B) Nothing in this section shall preclude any 
                party claiming that a private settlement agreement has 
                been breached from seeking in State court any remedy 
                available under State law.
    (d) State Law Remedies.--The limitations on remedies in this 
section shall not apply to relief entered by a State court based solely 
upon claims arising under State law.
    (e) Procedure for Motions Affecting Prospective Relief.--
            (1) Generally.--The court shall promptly rule on any motion 
        to modify or terminate prospective relief in a civil action 
        with respect to violations of Federal law in the public 
        schools. Mandamus shall lie to remedy any failure to issue a 
        prompt ruling on such a motion.
            (2) Automatic stay.--Any motion to modify or terminate 
        prospective relief made under subsection (b) shall operate as a 
        stay during the period--
                    (A)(i) beginning on the 30th day after such motion 
                is filed, in the case of a motion made under paragraph 
                (1) or (2) of subsection (b); or
                    (ii) beginning on the 180th day after such motion 
                is filed, in the case of a motion made under any other 
                law; and
                    (B) ending on the date the court enters a final 
                order ruling on the motion.
            (3) Postponement of automatic stay.--The court may postpone 
        the effective date of an automatic stay specified in subsection 
        (e)(2)(A) for not more than 60 days for good cause. No 
        postponement shall be permissible because of general congestion 
        of the court's calendar.
            (4) Order blocking the automatic stay.--Any order staying, 
        suspending, delaying, or barring the operation of the automatic 
        stay described in paragraph (2) (other than an order to 
        postpone the effective date of the automatic stay under 
        paragraph (3)) shall be treated as an order refusing to 
        dissolve or modify an injunction and shall be appealable 
        pursuant to section 1292(a)(1) of title 28, United States Code, 
        regardless of how the order is styled or whether the order is 
        termed a preliminary or a final ruling.
    (f) Special Masters.--
            (1) In general.--
                    (A) In any civil action in a Federal court with 
                respect to violations of Federal law in the public 
                schools, the court may appoint a special master who 
                shall be disinterested and objective and who will give 
                due regard to balancing the needs of the school 
                community as a whole against the requested relief, to 
                conduct hearings on the record and prepare proposed 
                findings of fact.
                    (B) The court shall appoint a special master under 
                this subsection during the remedial phase of the action 
                only upon a finding that the remedial phase will be 
                sufficiently complex to warrant the appointment.
            (2) Appointment.--
                    (A) If the court determines that the appointment of 
                a special master is necessary, the court shall request 
                that the defendant State officials and the plaintiff 
                each submit a list of not more than 5 persons to serve 
                as a special master.
                    (B) Each party shall have the opportunity to remove 
                up to 3 persons from the opposing party's list.
                    (C) The court shall select the master from the 
                persons remaining on the list after the operation of 
                subparagraph (B).
            (3) Interlocutory appeal.--Any party shall have the right 
        to an interlocutory appeal of the judge's selection of the 
        special master under this subsection, on the ground of 
        partiality.
            (4) Compensation.--The compensation to be allowed to a 
        special master under this section shall be based on an hourly 
        rate not greater than the hourly rate established under section 
        3006A for payment of court-appointed counsel, plus costs 
        reasonably incurred by the special master. Such compensation 
        and costs shall be paid with funds appropriated to the 
        Judiciary.
            (5) Regular review of appointment.--In any civil action 
        with respect to violations of Federal law in the public schools 
        in which a special master is appointed under this subsection, 
        the court shall review the appointment of the special master 
        every 6 months to determine whether the services of the special 
        master continue to be required under paragraph (1). In no event 
        shall the appointment of a special master extend beyond the 
        termination of the relief.
            (6) Limitations on powers and duties.--A special master 
        appointed under this subsection--
                    (A) may be authorized by a court to conduct 
                hearings and prepare proposed findings of fact, which 
                shall be made on the record;
                    (B) shall not make any findings or communications 
                ex parte;
                    (C) may be authorized by a court to assist in the 
                development of remedial plans; and
                    (D) may be removed at any time, but shall be 
                relieved of the appointment upon the termination of 
                relief.
    (g) Definitions.--As used in this section--
            (1) the term ``consent decree'' means any relief entered by 
        the court that is based in whole or in part upon the consent or 
        acquiescence of the parties, but does not include private 
        settlements;
            (2) the term ``civil action with respect to violations of 
        Federal law in the public schools'' means any civil proceeding 
        arising under Federal law with respect to any aspect of 
        operation of the public schools or the provision of public 
        education, including extra curricular and ancillary activities, 
        but does not include civil proceedings relating to 
        desegregation of the public schools;
            (3) the term ``public schools'' means a public elementary 
        or secondary school as such terms are defined in section 9101 
        of the Elementary and Secondary Education Act of 1965 (20 
        U.S.C. Sec. 7801);
            (4) the term ``private settlement agreement'' means an 
        agreement entered into among the parties that is not subject to 
        judicial enforcement other than the reinstatement of the civil 
        proceeding that the agreement settled;
            (5) the term ``prospective relief'' means all relief other 
        than compensatory monetary damages;
            (6) the term ``special master'' means any person appointed 
        by a Federal court pursuant to Rule 53 of the Federal Rules of 
        Civil Procedure or pursuant to any inherent power of the court 
        to exercise the powers of a master, regardless of the title or 
        description given by the court; and
            (7) the term ``relief'' means all relief in any form that 
        may be granted or approved by the court, and includes consent 
        decrees but does not include private settlement agreements.

Ex Output:
Restoring Authority to Schools Act of 2004 - Requires prospective relief in any civil action for violations of Federal law in public schools to be narrowly drawn, to extend no further than necessary, and to reflect the least intrusive means necessary to correct the violation. Requires the court to give substantial weight to any adverse impact on other students or the school community caused by such relief.

Prohibits the court from ordering prospective relief that requires or permits government officials to exceed their authority under State or local law or otherwise violates such law unless Federal law so requires, the relief is necessary, and no other relief will correct the violation.

Authorizes the court to enter a temporary restraining order or an order for preliminary injunctive relief with respect to violations of Federal law in public schools to the extent otherwise authorized by law if the order complies with the limitations on prospective relief set forth in this Act.

Requires the termination of prospective relief upon the motion of any party or intervener at specified times. Entitles defendants or interveners to the immediate termination of such relief if it was approved or granted in the absence of a finding that the limitations set forth in this Act were met.

Prohibits the court from entering or approving a consent decree absent compliance with such limitations.

Sets forth procedures for motions affecting prospective relief.

Authorizes the court to appoint a special master in those civil actions addressed by this Act.


Ex Input:
SECTION 1. TAX CREDIT FOR MARGINAL DOMESTIC OIL AND NATURAL GAS WELL 
              PRODUCTION.

    (a) Credit for Producing Oil and Gas From Marginal Wells.--Subpart 
D of part IV of subchapter A of chapter 1 of the Internal Revenue Code 
of 1986 (relating to business credits) is amended by adding at the end 
the following new section:

``SEC. 45D. CREDIT FOR PRODUCING OIL AND GAS FROM MARGINAL WELLS.

    ``(a) General Rule.--For purposes of section 38, the marginal well 
production credit for any taxable year is an amount equal to the 
product of--
            ``(1) the credit amount, and
            ``(2) the qualified crude oil production and the qualified 
        natural gas production which is attributable to the taxpayer.
    ``(b) Credit Amount.--For purposes of this section--
            ``(1) In general.--The credit amount is--
                    ``(A) $3 per barrel of qualified crude oil 
                production, and
                    ``(B) 50 cents per 1,000 cubic feet of qualified 
                natural gas production.
            ``(2) Reduction as oil and gas prices increase.--
                    ``(A) In general.--The $3 and 50 cents amounts 
                under paragraph (1) shall each be reduced (but not 
                below zero) by an amount which bears the same ratio to 
                such amount (determined without regard to this 
                paragraph) as--
                            ``(i) the excess (if any) of the applicable 
                        reference price over $14 ($1.40 for qualified 
                        natural gas production), bears to
                            ``(ii) $4 ($0.40 for qualified natural gas 
                        production).
                The applicable reference price for a taxable year is 
                the reference price for the calendar year preceding the 
                calendar year in which the taxable year begins.
                    ``(B) Inflation adjustment.--In the case of any 
                taxable year beginning in a calendar year after 1999, 
                each of the dollar amounts contained in subparagraph 
                (A) shall be increased to an amount equal to such 
                dollar amount multiplied by the inflation adjustment 
                factor for such calendar year (determined under section 
                43(b)(3)(B) by substituting `1998' for `1990').
                    ``(C) Reference price.--For purposes of this 
                paragraph, the term `reference price' means, with 
                respect to any calendar year--
                            ``(i) in the case of qualified crude oil 
                        production, the reference price determined 
                        under section 29(d)(2)(C), and
                            ``(ii) in the case of qualified natural gas 
                        production, the Secretary's estimate of the 
                        annual average wellhead price per 1,000 cubic 
                        feet for all domestic natural gas.
    ``(c) Qualified Crude Oil and Natural Gas Production.--For purposes 
of this section--
            ``(1) In general.--The terms `qualified crude oil 
        production' and `qualified natural gas production' mean 
        domestic crude oil or natural gas which is produced from a 
        marginal well.
            ``(2) Limitation on amount of production which may 
        qualify.--
                    ``(A) In general.--Crude oil or natural gas 
                produced during any taxable year from any well shall 
                not be treated as qualified crude oil production or 
                qualified natural gas production to the extent 
                production from the well during the taxable year 
                exceeds 1,095 barrels or barrel equivalents.
                    ``(B) Proportionate reductions.--
                            ``(i) Short taxable years.--In the case of 
                        a short taxable year, the limitations under 
                        this paragraph shall be proportionately reduced 
                        to reflect the ratio which the number of days 
                        in such taxable year bears to 365.
                            ``(ii) Wells not in production entire 
                        year.--In the case of a well which is not 
                        capable of production during each day of a 
                        taxable year, the limitations under this 
                        paragraph applicable to the well shall be 
                        proportionately reduced to reflect the ratio 
                        which the number of days of production bears to 
                        the total number of days in the taxable year.
            ``(3) Definitions.--
                    ``(A) Marginal well.--The term `marginal well' 
                means a domestic well which during the taxable year has 
                marginal production (as defined in section 613A(c)(6)).
                    ``(B) Crude oil, etc.--The terms `crude oil', 
                `natural gas', `domestic', and `barrel' have the 
                meanings given such terms by section 613A(e).
                    ``(C) Barrel equivalent.--The term `barrel 
                equivalent' means, with respect to natural gas, a 
                conversion ratio of 6,000 cubic feet of natural gas to 
                1 barrel of crude oil.
    ``(d) Other Rules.--
            ``(1) Production attributable to the taxpayer.--In the case 
        of a marginal well in which there is more than one owner of 
        operating interests in the well and the crude oil or natural 
        gas production exceeds the limitation under subsection (c)(2), 
        qualifying crude oil production or qualifying natural gas 
        production attributable to the taxpayer shall be determined on 
        the basis of the ratio which taxpayer's revenue interest in the 
        production bears to the aggregate of the revenue interests of 
        all operating interest owners in the production.
            ``(2) Operating interest required.--Any credit under this 
        section may be claimed only on production which is attributable 
        to the holder of an operating interest.
            ``(3) Production from nonconventional sources excluded.--In 
        the case of production from a marginal well which is eligible 
        for the credit allowed under section 29 for the taxable year, 
        no credit shall be allowable under this section unless the 
        taxpayer elects not to claim the credit under section 29 with 
        respect to the well.''.
    (b) Credit Treated as Business Credit.--Section 38(b) of such Code 
is amended by striking ``plus'' at the end of paragraph (11), by 
striking the period at the end of paragraph (12) and inserting ``, 
plus'', and by adding at the end the following new paragraph:
            ``(13) the marginal oil and gas well production credit 
        determined under section 45D(a).''.
    (c) Credit Allowed Against Regular and Minimum Tax.--
            (1) In general.--Subsection (c) of section 38 of such Code 
        (relating to limitation based on amount of tax) is amended by 
        redesignating paragraph (3) as paragraph (4) and by inserting 
        after paragraph (2) the following new paragraph:
            ``(3) Special rules for marginal oil and gas well 
        production credit.--
                    ``(A) In general.--In the case of the marginal oil 
                and gas well production credit--
                            ``(i) this section and section 39 shall be 
                        applied separately with respect to the credit, 
                        and
                            ``(ii) in applying paragraph (1) to the 
                        credit--
                                    ``(I) subparagraphs (A) and (B) 
                                thereof shall not apply, and
                                    ``(II) the limitation under 
                                paragraph (1) (as modified by subclause 
                                (I)) shall be reduced by the credit 
                                allowed under subsection (a) for the 
                                taxable year (other than the marginal 
                                oil and gas well production credit).
                    ``(B) Marginal oil and gas well production 
                credit.--For purposes of this subsection, the term 
                `marginal oil and gas well production credit' means the 
                credit allowable under subsection (a) by reason of 
                section 45D(a).''.
            (2) Conforming amendment.--Subclause (II) of section 
        38(c)(2)(A)(ii) of such Code is amended by inserting ``or the 
        marginal oil and gas well production credit'' after 
        ``employment credit''.
    (d) Carryback.--Subsection (a) of section 39 of such Code (relating 
to carryback and carryforward of unused credits generally) is amended 
by adding at the end the following new paragraph:
            ``(3) 10-year carryback for marginal oil and gas well 
        production credit.--In the case of the marginal oil and gas 
        well production credit--
                    ``(A) this section shall be applied separately from 
                the business credit (other than the marginal oil and 
                gas well production credit),
                    ``(B) paragraph (1) shall be applied by 
                substituting `10 taxable years' for `1 taxable years' 
                in subparagraph (A) thereof, and
                    ``(C) paragraph (2) shall be applied--
                            ``(i) by substituting `31 taxable years' 
                        for `22 taxable years' in subparagraph (A) 
                        thereof, and
                            ``(ii) by substituting `30 taxable years' 
                        for `21 taxable years'.''.
    (e) Coordination With Section 29.--Section 29(a) of such Code is 
amended by striking ``There'' and inserting ``At the election of the 
taxpayer, there''.
    (f) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following item:

        ``45D. Credit for producing oil and gas from marginal wells.''.
    (g) Effective Date.--The amendments made by this section shall 
apply to production after the date of the enactment of this Act.

Ex Output:

Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from marginal wells of:  (1) $3 per barrel of qualified crude oil production; and (2) $.50 per 1,000 cubic feet of qualified natural gas production.  Provides:  (1) a formula for reducing such credit in years in which oil and gas prices increase; and (2) an inflation adjustment for such formula. Allows such credit against the regular and minimum tax.