[Congressional Record Volume 157, Number 10 (Tuesday, January 25, 2011)]
[Senate]
[Page S143]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. SHAHEEN:
  S. 26. 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; to 
the Committee on Finance.
  Mrs. SHAHEEN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 26

       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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