I 112th CONGRESS 1st Session H. R. 1961 IN THE HOUSE OF REPRESENTATIVES May 24, 2011 Mr. Boren 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 eliminate the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.
1.
Elimination of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties
(a)
In general
Subparagraph (H) of section 613A(c)(6) of the Internal Revenue Code of 1986 (relating to oil and natural gas produced from marginal properties) is amended to read as follows: (H)
Nonapplication of taxable income limit with respect to marginal production
The second sentence of subsection (a) of section 613 shall not apply to so much of the allowance for depletion as is determined under subparagraph (A). . (b)
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2010.