[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 26 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 26

  To amend the Internal Revenue Code of 1986 to repeal the percentage 
    depletion allowance for certain hardrock mines, and to use the 
       resulting revenues from such repeal for deficit reduction.


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                   IN THE SENATE OF THE UNITED STATES

             January 25 (legislative day, January 5), 2011

 Mrs. Shaheen introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to repeal the percentage 
    depletion allowance for certain hardrock mines, and to use the 
       resulting revenues from such repeal for deficit reduction.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Elimination of Double Subsidies for 
the Hardrock Mining Industry Act of 2011''.

SEC. 2. REPEAL OF PERCENTAGE DEPLETION ALLOWANCE FOR CERTAIN HARDROCK 
              MINES.

    (a) In General.--Section 613(a) of the Internal Revenue Code of 
1986 is amended by inserting ``(other than hardrock mines located on 
lands subject to the general mining laws or on land patented under the 
general mining laws)'' after ``In the case of the mines''.
    (b) General Mining Laws Defined.--Section 613 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following:
    ``(f) General Mining Laws.--For purposes of subsection (a), the 
term `general mining laws' means those Acts which generally comprise 
chapters 2, 12A, and 16, and sections 161 and 162 of title 30 of the 
United States Code.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2011.
    (d) Use of Resulting Revenues for Deficit Reduction.--The revenues 
resulting from the amendment made by subsection (a) shall not be 
appropriated or otherwise made available for any fiscal year, resulting 
in a reduction of the Federal budget deficit for such fiscal year. If 
in any fiscal year there is no Federal budget deficit (determined 
without regard to such revenues), such revenues shall be used for 
reducing the Federal debt in such manner as the Secretary of the 
Treasury considers appropriate.
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