A bill to amend the Internal Revenue Code of 1986 to modify the small refiner exception to the oil depletion deduction.

Fact Sheet API

Bill Number

S 1404

Introduced

Sep 5, 2001

Latest Action

Read twice and referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

Business income tax Commerce Depletion allowances Energy Income tax Petroleum refineries Tax deductions Taxation

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Votes

Summary

Amends the Internal Revenue Code to change the average daily refinery limitation concerning the oil depletion deduction from 50,000 to 75,000 barrels-per-day.

Actions

Sep 5, 2001

Read twice and referred to the Committee on Finance.
Sep 5, 2001

Introduced in Senate

Amendments

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