[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 871 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 871

To amend the Internal Revenue Code of 1986 to provide that the taxable 
income limit on the allowance for depletion shall not apply in 2008 to 
                  domestic marginal oil or gas wells.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2009

Mr. Conaway (for himself, Mr. Boren, Mr. Olson, Mr. Brady of Texas, Mr. 
     Carter, Mr. Burgess, Mr. Barton of Texas, Mr. Culberson, Mr. 
 Thornberry, Mr. Boustany, Mr. Scalise, Mr. Neugebauer, Mr. Gene Green 
   of Texas, Mr. Rodriguez, Mr. Ortiz, Mr. Reyes, and Mr. Gonzalez) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide that the taxable 
income limit on the allowance for depletion shall not apply in 2008 to 
                  domestic marginal oil or gas wells.

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

SECTION 1. TAXABLE INCOME LIMIT ON ALLOWANCE FOR DEPLETION NOT TO APPLY 
              IN 2008 TO DOMESTIC MARGINAL OIL OR GAS WELLS.

    (a) In General.--Subparagraph (H) of section 613A(c)(6) of the 
Internal Revenue Code of 1986 is amended by striking ``taxable year--'' 
and all that follows and inserting ``taxable year beginning after 
December 31, 1997, and before January 1, 2010.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning before, on, or after the date of the 
enactment of this Act.
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