A bill to amend the Internal Revenue Code of 1954 to provide incentives for production of new facilities for obtaining oil from oil shale, or for converting coal into oil or gas.
Oil Shale and Coal Conversion Facilities Tax Act - Provides that a taxpayer may elect to deduct under the Internal Revenue Code the costs of new oil shale or coal conversion facilities over a 60 month period in order to provide incentives for the production of such new facilities.
Provides for a fifteen percent depletion allowance in the case of coal converted into oil or gas.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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