[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2217 Placed on Calendar Senate (PCS)]






                                                       Calendar No. 440
110th CONGRESS
  1st Session
                                S. 2217

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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 23, 2007

Mr. Inhofe (for himself and Mr. Roberts) introduced the following bill; 
                     which was read the first time

                            October 24, 2007

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 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.
                                                       Calendar No. 440

110th CONGRESS

  1st Session

                                S. 2217

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                            October 24, 2007

            Read the second time and placed on the calendar