To amend the Internal Revenue Code of 1986 to make permanent the exception for marginal production from the taxable income limit on percentage depletion for oil and natural gas wells.

Bill: 114-hr-4672
Sponsor: full_name: Rep. Jenkins, Lynn [R-KS-2]
Introduced: 2016-03-02
Policy area: Taxation
Subjects: Income tax deductions

Oil and gas
Latest action: action_date: 2016-03-02
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-03-02
action_desc: Introduced in House
text: <p>This bill 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: I 114th CONGRESS 2d Session H. R. 4672 IN THE HOUSE OF REPRESENTATIVES March 2, 2016 Ms. Jenkins of Kansas 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 make permanent the exception for marginal production from the taxable income limit on percentage depletion for oil and natural gas wells.

1. Exception for marginal production from taxable income limit on percentage depletion for oil and natural gas wells made permanent (a) In general Section 613A(c)(6)(H) of the Internal Revenue Code of 1986 is amended to read as follows: (H) Taxable income limit not applicable 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 ending after the date of the enactment of this Act.