3.0.0 3983 2023-01-13T04:49:56Z 2023-01-13T04:49:56Z House H HR 2005-10-06 109 hswm00 Ways and Means Committee House Standing Referred to 2005-10-06T14:02:40Z 2005-10-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-10-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-10-06 Introduced in House IntroReferral 1000 9 Library of Congress E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 N Taxation Accounting Commerce Emergency Management Energy Energy development Energy facilities Equipment and supplies Finance and Financial Sector Gas in submerged lands Gas industry Hurricane aftermath legislation Hurricanes Income tax Losses Maintenance and repair Marine and coastal resources, fisheries Natural gas Offshore structures Oil well drilling Petroleum Petroleum engineering Petroleum in submerged lands Petroleum industry Prospecting Submarine oil well drilling Tax deductions Taxation 00 2005-10-06 Introduced in House 2005-11-02T21:35:41Z Winter Readiness Act of 2005 - Amends the Internal Revenue Code to allow a taxpayer election to expense (i.e., deduct in the current taxable year) all costs for qualified oil and gas production property placed in service before January 1, 2009, and for repairs to such property for hurricane-related damage. Defines "qualified oil and gas production property" to include assets used in offshore drilling for oil and gas, and for exploration and production of petroleum and natural gas deposits.

Allows a 10-year carryback of net operating losses incurred in 2005 for hurricane-damaged oil and gas facilities.

]]> Winter Readiness Act of 2005 Display Title Winter Readiness Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide incentives to restore and increase oil and natural gas production. Introduced in House IH Short Titles as Introduced Winter Readiness Act of 2005 Introduced in House 2005-10-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr3983ih/xml/BILLS-109hr3983ih.xml 2005-10-06 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.