S. 2217Senate110th Congress (2007-2009)Introduced

A bill to amend the Internal Revenue Code of 1986 to extend the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.

Introduced October 23, 2007

Legislative Activity

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2 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 440.

October 24, 2007

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SenateIntro Referral

Introduced in Senate

October 23, 2007

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

October 23, 2007

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 440.

October 24, 2007

Floor Debate

4 members

What members said about S. 2217 on the floor

1 Republican3 Democrats
James M. Inhofe
Sen. James M. InhofeR-OK · Nov 1, 2007

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of S. 2217, a bill to extend the taxable income limit on percentage depletion allowance for oil and…

Max Baucus
Sen. Max BaucusD-MT · Nov 1, 2007

Mr. President, reserving the right to object, I make the same request of the Senator from Oklahoma. Hearing the Senator's response to this long litany of requests of tax measures, which the Senator…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Oct 23, 2007

Mr. President, I understand that there are two bills at the desk, and I ask for their first reading en bloc. I now ask for a second reading, and in order to place the bills on the calendar under the…

Harry Reid
Sen. Harry ReidD-NV · Oct 24, 2007

Mr. President, there are two bills at the desk due for a second reading. I object to any further proceedings with respect to these bills en bloc.

Bill Text

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Placed on Calendar SenateIssued October 24, 2007

II

Calendar No. 440

110th CONGRESS

1st Session

S. 2217

IN THE SENATE OF THE UNITED STATES

October 23, 2007

Mr. Inhofe (for himself and Mr. Roberts) introduced the following bill; which was read the first time

October 24, 2007

Read the second time and placed on the calendar

A BILL

To amend the Internal Revenue Code of 1986 to extend the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.

1.

Extension of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties

(a)

In general

Section 613A(c)(6)(H) of the Internal Revenue Code of 1986 (relating to temporary suspension of taxable income limit with respect to marginal production) is amended by striking 2008 and inserting 2010.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

October 24, 2007

Read the second time and placed on the calendar