[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 51 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 51

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


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                   IN THE SENATE OF THE UNITED STATES

                            January 21, 1997

 Mr. Feingold 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.

    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) In General.--Section 613(b)(1) of the Internal Revenue Code of 
1986 (relating to percentage depletion rates) is amended--
                    (A) in subparagraph (A), by striking ``and 
                uranium''; and
                    (B) in subparagraph (B), by striking ``asbestos,'', 
                ``lead,'', and ``mercury,''.
    (b) Conforming Amendments.--
            (1) Section 613(b)(3)(A) of the Internal Revenue Code of 
        1986 is amended by inserting ``other than lead, mercury, or 
        uranium'' after ``metal mines''.
            (2) Section 613(b)(4) of such Code is amended by striking 
        ``asbestos (if paragraph (1)(B) does not apply),''.
            (3) Section 613(b)(7) 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:
                    ``(D) mercury, uranium, lead, and asbestos.''
            (4) Section 613(c)(4)(D) of such Code is amended by 
        striking ``lead,'' and ``uranium,''.
    (c) Effective Date.--The amendments made by this section apply to 
taxable years beginning after December 31, 1996.
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