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.

Bill: 114-s-948
Sponsor: full_name: Sen. Inhofe, James M. [R-OK]
Introduced: 2015-04-15
Policy area: Taxation
Subjects: Income tax deductions

Oil and gas
Latest action: action_date: 2015-04-15
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-04-15
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to make permanent the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties. </p>

tv_txt: II 114th CONGRESS 1st Session S. 948 IN THE SENATE OF THE UNITED STATES April 15, 2015 Mr. Inhofe 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 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, 2014.