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: 115-s-2674
Sponsor: full_name: Sen. Inhofe, James M. [R-OK]
Introduced: 2018-04-16
Policy area: Taxation
Subjects: Income tax deductions

Oil and gas
Latest action: action_date: 2018-04-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2018-04-16
action_desc: Introduced in Senate
text: <p>This bill amends the Internal Revenue Code to eliminate the taxable income limitation on the percentage depletion allowance for oil and natural gas produced from marginal properties. </p>

tv_txt: II 115th CONGRESS 2d Session S. 2674 IN THE SENATE OF THE UNITED STATES April 16, 2018 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 Section 613A(c)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (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, 2018.