S.Amdt. 2615
What it does: Adds SEC. __. REPEAL OF EXPENSING OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS FOR OIL AND GAS WELLS at the end of subtitle F of title V
Sen. Susan M. Collins (R-ME)What it changes
1 change to S. 2020 · shown in the bill's text
Adds SEC. __. REPEAL OF EXPENSING OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS FOR OIL AND GAS WELLS at the end of subtitle F of title V
Adds a sectionIn S. 2020 · Placed on Calendar Senate
(1) by striking "The Secretary" and inserting the
Inserted: SEC. __. REPEAL OF EXPENSING OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS FOR OIL AND GAS WELLS.
Inserted: (a) In General.--Section 263(c) (relating to intangible drilling and development costs) is amended by adding at the end the following new sentence: "This subsection shall not apply with respect to wells (other than wells drilled for any geothermal deposit (as so defined)) of any integrated oil company (as defined in section 291(b)(4)) which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year in any taxable year beginning after December 31, 2005.".
Inserted: (b) Conforming Amendments.--Paragraphs (2) and (3) of section 291(b) are each amended by striking "section 263(c), 616(a)," and inserting "section 616(a)".
Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
Original wording
At the end of subtitle F of title V, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2615. Ms. COLLINS submitted an amendment intended to be proposed by her to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; which was ordered to lie on the table; as follows:
At the end of subtitle F of title V, add the following:
SEC. __. REPEAL OF EXPENSING OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS FOR OIL AND GAS WELLS.
(a) In General.--Section 263(c) (relating to intangible drilling and development costs) is amended by adding at the end the following new sentence: “This subsection shall not apply with respect to wells (other than wells drilled for any geothermal deposit (as so defined)) of any integrated oil company (as defined in section 291(b)(4)) which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year in any taxable year beginning after December 31, 2005.”.
(b) Conforming Amendments.--Paragraphs (2) and (3) of section 291(b) are each amended by striking “section 263(c), 616(a),” and inserting “section 616(a)”.
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
November 17, 2005