Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2015

Bill: 114-s-2154
Sponsor: full_name: Sen. Shaheen, Jeanne [D-NH]
Introduced: 2015-10-07
Policy area: Taxation
Subjects: Income tax deductions

Mining
Latest action: action_date: 2015-10-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-10-07
action_desc: Introduced in Senate
text: <p><b>Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2015</b></p> <p> This bill amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws.</p>

tv_txt: II 114th CONGRESS 1st Session S. 2154 IN THE SENATE OF THE UNITED STATES October 7, 2015 Mrs. Shaheen 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 2015 . 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, 12A, and 16, and sections 161 and 162 of title 30 of the United States Code. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015.