[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1022 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1022

To amend the Internal Revenue Code of 1986 to eliminate the percentage 
   depletion allowance for certain minerals, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                July 11 (legislative day, July 10), 1995

 Mr. Feingold (for himself, Mr. Bradley, and Mr. Wellstone) 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 percentage 
   depletion allowance for certain minerals, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CERTAIN MINERALS NOT ELIGIBLE FOR PERCENTAGE DEPLETION.

    (a) General Rule.--
            (1) Paragraph (1) of section 613(b) of the Internal Revenue 
        Code of 1986 (relating to percentage depletion rates) is 
        amended--
                    (A) by striking ``and uranium'' in subparagraph 
                (A), and
                    (B) by striking ``asbestos,'', ``lead,'', and 
                ``mercury,'' in subparagraph (B).
            (2) Subparagraph (A) of section 613(b)(3) of such Code is 
        amended by inserting ``other than lead, mercury, or uranium'' 
        after ``metal mines''.
            (3) Paragraph (4) of section 613(b) of such Code is amended 
        by striking ``asbestos (if paragraph (1)(B) does not apply),''.
            (4) Paragraph (7) of section 613(b) of such Code is amended 
        by striking ``or'' at the end of subparagraph (B), by striking 
        the period at the end of subparagraph (C) and inserting ``, 
        or'', and by inserting after subparagraph (C) the following new 
        subparagraph:
                    ``(D) mercury, uranium, lead, and asbestos.''
    (b) Conforming Amendments.--Subparagraph (D) of section 613(c)(4) 
of such Code is amended by striking ``lead,'' and ``uranium,''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1995.
                                 <all>