S.Amdt. 1618
What it does: Adds SEC. _. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES wherever appropriate
Sen. James M. Inhofe (R-OK)What it changes
1 change to H.R. 6
Adds SEC. _. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES wherever appropriate
Adds a sectionInserted: SEC. _. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES.
Inserted: (a) In General.--Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 179E the following new section:
Inserted: "SEC. 179F. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES.
Inserted: "(a) Treatment as Expenses.--Notwithstanding section 167(h), a taxpayer may elect to treat 100 percent of the cost of any qualified three dimensional seismic data expenditure as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the qualified three dimensional seismic data expenditure is made.
Inserted: "(b) Election.--
Inserted: "(1) In general.--An election under this section for any taxable year shall be made on the taxpayer's return of the tax imposed by this chapter for the taxable year. Such election shall specify any three dimensional seismic data expenditure to which the election applies and shall be made in such manner as the Secretary may by regulations prescribe.
Inserted: "(2) Election irrevocable.--Any election made under this section may not be revoked except with the consent of the Secretary.
Inserted: "(c) Qualified Three Dimensional Seismic Data Expenditure.--For purposes of this section, the term 'qualified three dimensional seismic data expenditure' means any geological and geophysical expenses described in section 167(h)(1) paid or incurred in connection with the collection, processing, or interpretation of three dimensional seismic data.
Inserted: "(d) Coordination With Section 179.--No expenditures shall be taken into account under subsection (a) with respect to the portion of the cost of any property specified in an election under section 179.".
Inserted: (b) Cross Reference.--Section 167(h) of such Code (relating to amortization of geological and geophysical expenditures) is amended by adding at the end the following new paragraph:
Inserted: "(6) Treatment of three dimensional seismic data expenditures.--For the treatment of geological and geophysical expenses relating to three dimensional seismic data expenditures, see section 179F.".
Inserted: (c) Clerical Amendment.--The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 179E the following new item:
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Inserted: "Sec. 179F. Election to expense three dimensional seismic data expenditures.".
Inserted: (d) Effective Date.--The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2007.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1618. Mr. INHOFE submitted an amendment intended to be proposed by him to the bill H.R. 6, to reduce our Nation's dependency on foreign oil by investing in clean, renewable, and alternative energy resources, promoting new emerging energy technologies, developing greater efficiency, and creating a Strategic Energy Efficiency and Renewables Reserve to invest in alternative energy, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. _. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES.
(a) In General.--Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 179E the following new section:
“SEC. 179F. ELECTION TO EXPENSE THREE DIMENSIONAL SEISMIC DATA EXPENDITURES.
“(a) Treatment as Expenses.--Notwithstanding section 167(h), a taxpayer may elect to treat 100 percent of the cost of any qualified three dimensional seismic data expenditure as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the qualified three dimensional seismic data expenditure is made.
“(b) Election.--
“(1) In general.--An election under this section for any taxable year shall be made on the taxpayer's return of the tax imposed by this chapter for the taxable year. Such election shall specify any three dimensional seismic data expenditure to which the election applies and shall be made in such manner as the Secretary may by regulations prescribe.
“(2) Election irrevocable.--Any election made under this section may not be revoked except with the consent of the Secretary.
“(c) Qualified Three Dimensional Seismic Data Expenditure.--For purposes of this section, the term ‘qualified three dimensional seismic data expenditure' means any geological and geophysical expenses described in section 167(h)(1) paid or incurred in connection with the collection, processing, or interpretation of three dimensional seismic data.
“(d) Coordination With Section 179.--No expenditures shall be taken into account under subsection (a) with respect to the portion of the cost of any property specified in an election under section 179.”.
(b) Cross Reference.--Section 167(h) of such Code (relating to amortization of geological and geophysical expenditures) is amended by adding at the end the following new paragraph:
“(6) Treatment of three dimensional seismic data expenditures.--For the treatment of geological and geophysical expenses relating to three dimensional seismic data expenditures, see section 179F.”.
(c) Clerical Amendment.--The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 179E the following new item:
“Sec. 179F. Election to expense three dimensional seismic data expenditures.”.
(d) Effective Date.--The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2007.
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Senate amendment submitted
June 15, 2007