S. 1007 (112th): 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.

112th Congress, 2011–2013. Text as of May 17, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

II

112th CONGRESS

1st Session

S. 1007

IN THE SENATE OF THE UNITED STATES

May 17, 2011

introduced the following bill; which was read twice and referred to the Committee on Finance

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, 2010.