S. 3349 — A bill to amend the Internal Revenue Code of 1954 to eliminate percentage depletion for oil and gas wells over a three-year period.

Summary

Eliminates, under the Internal Revenue Code of 1954, the percentage depletion rates for oil and gas wells for taxable years beginning after December 31, 1976.

Reduces the percentage depletion rate for oil and gas wells over the next three year period.

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Legislative Actions

1974-04-11
Introduced in Senate
1974-04-11
Referred to Senate Committee on Interior and Insular Affairs.

A bill to amend the Internal Revenue Code of 1954 to eliminate percentage depletion for oil and gas wells over a three-year period.

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Summary

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