Independent Energy Production Act of 2001

H.R. 805, the Independent Energy Production Act of 2001, proposed changes to the tax code to provide financial incentives for domestic oil and gas production. The bill aimed to support independent producers by creating tax credits for "marginal wells"—those that produce low volumes or are nearing the end of their lifespan—and allowing companies to deduct exploration and rental costs more quickly. For the average citizen, these measures were intended to stabilize the domestic energy industry and encourage local production to help maintain a steady supply of energy resources.