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

HR 1961

Introduced

May 24, 2011

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Income tax deductions Oil and gas 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

May 24, 2011

Referred to the House Committee on Ways and Means.
May 24, 2011

Introduced in House

Amendments

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