II
113th CONGRESS
1st Session
S. 1833
IN THE SENATE OF THE UNITED STATES
December 17, 2013
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.
Elimination of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties
In general
Subparagraph (H) of section 613A(c)(6) of the Internal Revenue Code of 1986 is amended to read as follows:
Nonapplication of taxable income limit with respect to marginal production
The second sentence of subsection (a) of section 613 shall not apply to so much of the allowance for depletion as is determined under subparagraph (A).
.
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2013.