H.R. 4672 — To amend the Internal Revenue Code of 1986 to make permanent the exception for marginal production from the taxable income limit on percentage depletion for oil and natural gas wells.

Summary

This bill 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.

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Related Legislation

S. 948A 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.
2015-04-15Read twice and referred to the Committee on Finance.
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2016-03-02
Introduced in House
2016-03-02
Introduced in House
2016-03-02
Referred to the House Committee on Ways and Means.

To amend the Internal Revenue Code of 1986 to make permanent the exception for marginal production from the taxable income limit on percentage depletion for oil and natural gas wells.

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