[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 934 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 934

To amend the Internal Revenue Code of 1986 to modify the small refiner 
               exception to the oil depletion deduction.


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                   IN THE SENATE OF THE UNITED STATES

                             April 29, 2003

Mr. Breaux (for himself and Mr. Nickles) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify the small refiner 
               exception to the oil depletion deduction.

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

SECTION 1. DETERMINATION OF SMALL REFINER EXCEPTION TO OIL DEPLETION 
              DEDUCTION.

    (a) In General.--Paragraph (4) of section 613A(d) of the Internal 
Revenue Code of 1986 (relating to certain refiners excluded) is amended 
to read as follows:
            ``(4) Certain refiners excluded.--If the taxpayer or a 
        related person engages in the refining of crude oil, subsection 
        (c) shall not apply to the taxpayer for a taxable year if the 
        average daily refinery runs of the taxpayer and the related 
        person for the taxable year exceed 75,000 barrels. For purposes 
        of this paragraph, the average daily refinery runs for any 
        taxable year shall be determined by dividing the aggregate 
        refinery runs for the taxable year by the number of days in the 
        taxable year.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2002.
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