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S. 714: Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2019

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The text of the bill below is as of Mar 7, 2019 (Introduced).

II

116th CONGRESS

1st Session

S. 714

IN THE SENATE OF THE UNITED STATES

March 7, 2019

(for herself and Mr. Udall) 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 repeal the percentage depletion allowance for certain hardrock mines.

1.

Short title

This Act may be cited as the Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2019.

2.

Repeal of percentage depletion allowance for certain hardrock mines

(a)

In general

Section 613(a) of the Internal Revenue Code of 1986 is amended by inserting (other than hardrock mines located on lands subject to the general mining laws or on land patented under the general mining laws) after In the case of the mines.

(b)

General mining laws defined

Section 613 of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(f)

General mining laws

For purposes of subsection (a), the term general mining laws means those Acts which generally comprise chapters 2, 11, 12, 12A, 15, and 16, and sections 161 and 162, of title 30, United States Code.

.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2019.