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