[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 325 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 325

   To repeal the percentage depletion allowance for certain hardrock 
                                 mines.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 13, 1997

   Mr. Bumpers (for himself, Mr. Feingold, Mr. Leahy, and Mr. Kohl), 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To repeal the percentage depletion allowance for certain hardrock 
                                 mines.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Elimination of Double Subsidies for 
the Hardrock Mining Industry Act of 1997''.

SEC. 2 REPEAL OF DEPLETION ALLOWANCE FOR CERTAIN HARDROCK MINES.

    (a) In General.--The first sentence of section 611(a) of the 
Internal Revenue Code of 1986, 26 U.S.C. 611(a), is amended by 
inserting immediately after ``mines'' the following: ``(except for 
hardrock mines located on land currently subject to the general mining 
laws or on land patented under the general mining laws)''.
    (b) Definitions.--Section 611 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (c) as subsection (d) and 
inserting after subsection (b) the following new subsection:
    ``(c) Definitions.--For purposes of subsection (a)-
            ``(1) `general mining laws' means those Acts which 
        generally comprise chapters 2, 12A, and 16, and sections 161 
        and 162 of title 30 of the United States Code.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall apply to taxable years 
beginning after December 31, 1996.
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