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

Fact Sheet API

Bill Number

S 905

Introduced

Mar 15, 2007

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3213)

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 make permanent the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.

Actions

Mar 15, 2007

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3213)
Mar 15, 2007

Sponsor introductory remarks on measure. (CR S3212)
Mar 15, 2007

Introduced in Senate

Amendments

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