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Senate Bill 1217
116th Congress(2019-2020)
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.
Introduced
Introduced
Introduced in Senate on Apr 11, 2019
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Introduced in Senate 
Apr 11, 2019
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Introduced in Senate(Apr 11, 2019)
Apr 11, 2019
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S. 1217 (Introduced-in-Senate)


116th CONGRESS
1st Session
S. 1217


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.

IN THE SENATE OF THE UNITED STATES

April 11, 2019

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 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.