H.R. 617 (111th): To amend the Internal Revenue Code of 1986 to eliminate the taxable income limit on percentage depletion ...

...for oil and natural gas produced from marginal properties.

111th Congress, 2009–2010. Text as of Jan 21, 2009 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

1st Session

H. R. 617

IN THE HOUSE OF REPRESENTATIVES

January 21, 2009

Mr. Boren 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 eliminate the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.

1.

Elimination of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties

(a)

In general

Subparagraph (H) of section 613A(c)(6) of the Internal Revenue Code of 1986 (relating to oil and natural gas produced from marginal properties) is amended to read as follows:

(H)

Nonapplication of taxable income limit with respect to marginal production

The second sentence of subsection (a) of section 613 shall not apply to so much of the allowance for depletion as is determined under subparagraph (A).

.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2008.