A bill to amend the Internal Revenue Code of 1986 to extend the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.

Fact Sheet API

Bill Number

S 2196

Introduced

Oct 18, 2007

Latest Action

Referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

Depletion allowances Energy Income tax Natural gas Oil well drilling Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to extend through 2009 the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.

Actions

Oct 18, 2007

Referred to the Committee on Finance.
Oct 18, 2007

Introduced in Senate

Amendments

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