To amend the Internal Revenue Code of 1986 to repeal the luxury tax on boats and to offset the revenue loss from that repeal by repealing certain changes in the percentage depletion provisions of such Code.
Amends the Internal Revenue Code to repeal the luxury excise tax on boats.
Repeals provisions of the Omnibus Budget Reconciliation Act of 1990 with respect to modifications of percentage depletion in the case of oil and gas wells.
Became Public Law No: 103-66.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
See H.R.2264.
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