Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
II
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 Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. ELIMINATION OF TAXABLE INCOME LIMIT ON
3
PERCENTAGE DEPLETION FOR OIL AND NAT-
4
URAL
GAS
PRODUCED
FROM
MARGINAL
5
PROPERTIES.
6
(a) IN GENERAL.—Section 613A(c)(6) of the Inter-
7
nal Revenue Code of 1986 is amended by adding at the
8
end the following new subparagraph:
9
VerDate Sep 11 2014
03:15 Apr 23, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\S1217.IS
S1217
kjohnson on DSK79L0C42 with BILLS
2
•S 1217 IS
‘‘(H) NONAPPLICATION
OF
TAXABLE
IN-
1
COME LIMIT WITH RESPECT TO MARGINAL PRO-
2
DUCTION.—The second sentence of subsection
3
(a) of section 613 shall not apply to so much
4
of the allowance for depletion as is determined
5
under subparagraph (A).’’.
6
(b) EFFECTIVE DATE.—The amendment made by
7
this section shall apply to taxable years beginning after
8
December 31, 2018.
9
Æ
VerDate Sep 11 2014
03:15 Apr 23, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\S1217.IS
S1217
kjohnson on DSK79L0C42 with BILLS