[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4209 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4209

To amend the Internal Revenue Code of 1986 to suspend for an additional 
   year the taxable income limit on percentage depletion for oil and 
                    natural gas from marginal wells.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 3, 2009

Mr. Teague (for himself and Mrs. Lummis) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to suspend for an additional 
   year the taxable income limit on percentage depletion for oil and 
                    natural gas from marginal wells.

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

SECTION 1. ADDITIONAL 1-YEAR SUSPENSION OF TAXABLE INCOME LIMIT ON 
              PERCENTAGE DEPLETION FOR OIL AND NATURAL GAS FROM 
              MARGINAL WELLS.

    (a) In General.--Clause (ii) of 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 ``January 1, 2010'' and inserting ``January 1, 2011''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2009.
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