[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4672 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 4672

   To amend the Internal Revenue Code of 1986 to make permanent the 
  exception for marginal production from the taxable income limit on 
          percentage depletion for oil and natural gas wells.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2016

Ms. Jenkins of Kansas 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 make permanent the 
  exception for marginal production from the taxable income limit on 
          percentage depletion for oil and natural gas wells.

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

SECTION 1. EXCEPTION FOR MARGINAL PRODUCTION FROM TAXABLE INCOME LIMIT 
              ON PERCENTAGE DEPLETION FOR OIL AND NATURAL GAS WELLS 
              MADE PERMANENT.

    (a) In General.--Section 613A(c)(6)(H) of the Internal Revenue Code 
of 1986 is amended to read as follows:
                    ``(H) Taxable income limit not applicable 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 ending after the date of the enactment of this Act.
                                 <all>