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 2674

Introduced

Apr 16, 2018

Latest Action

Read twice and referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

Income tax deductions Oil and gas Taxation

Full Text

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Votes

Summary

This bill amends the Internal Revenue Code to eliminate the taxable income limitation on the percentage depletion allowance for oil and natural gas produced from marginal properties.

Actions

Apr 16, 2018

Read twice and referred to the Committee on Finance.
Apr 16, 2018

Introduced in Senate

Amendments

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