Nonconventional Fuels Credit Extension and Modification Act of 1990

Nonconventional Fuels Credit Extension and Modification Act of 1990 - Amends the Internal Revenue Code to extend the credit for producing fuel from a nonconventional source to wells or facilities in service before January 1, 1993 (currently, January 1, 1991) and sold before January 1, 2001. Redefines gas produced from a tight formation to include only gas: (1) which is committed or dedicated on April 20, 1977, to interstate commerce; or (2) which is produced from a well drilled after the date of enactment of this Act.

 
HR 5351 IH
101st CONGRESS
2d Session
 H. R. 5351
To amend the Internal Revenue Code of 1986 to extend the credit for fuel
produced from a nonconventional source and to restore such credit for certain
gas produced from a tight formation.
IN THE HOUSE OF REPRESENTATIVES
July 24, 1990
Mr. ANDREWS introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to extend the credit for fuel
produced from a nonconventional source and to restore such credit for certain
gas produced from a tight formation.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Nonconventional Fuels Credit Extension and
  Modification Act of 1990'.
SEC. 2. EXTENSION AND MODIFICATION OF CREDIT FOR PRODUCING FUEL FROM A
NONCONVENTIONAL SOURCE.
  (a) EXTENSION OF CREDIT- Subparagraph (A) of section 29(f)(1) of the
  Internal Revenue Code of 1986 (relating to application of section) is
  amended by striking `January 1, 1991' each place it appears and inserting
  `January 1, 1993'.
  (b) MODIFICATION WITH RESPECT TO GAS FROM TIGHT FORMATIONS-
  (1) IN GENERAL- Subparagraph (B) of section 29(c)(2) of such Code is
  amended to read as follows:
  `(B) SPECIAL RULES FOR GAS FROM TIGHT FORMATIONS- The term `gas produced
  from a tight formation' shall only include gas--
  `(i) which is committed or dedicated on April 20, 1977, to interstate
  commerce (as defined in section 2(18) of the Natural Gas Policy Act of 1978,
  as in effect on the date of the enactment of this clause), or
  `(ii) which is produced from a well drilled after such date of enactment.'
  (2) EFFECTIVE DATE- The amendment made by paragraph (1) shall apply to
  gas produced after the date of the enactment of this Act.