[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2196 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2196

To amend the Internal Revenue Code of 1986 to extend the taxable income 
  limit on percentage depletion for oil and natural gas produced from 
                          marginal properties.


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                   IN THE SENATE OF THE UNITED STATES

                            October 18, 2007

Mr. Inhofe (for himself and Mr. Roberts) 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 extend the taxable income 
  limit on percentage depletion for oil and natural gas produced from 
                          marginal properties.

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

SECTION 1. EXTENSION OF TAXABLE INCOME LIMIT ON PERCENTAGE DEPLETION 
              FOR OIL AND NATURAL GAS PRODUCED FROM MARGINAL 
              PROPERTIES.

    (a) In General.--Section 613A(c)(6)(H) of the Internal Revenue Code 
of 1986 (relating to temporary suspension of taxable income limit with 
respect to marginal production) is amended by striking ``2008'' and 
inserting ``2010''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2007.
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