A bill to amend the Internal Revenue Code of 1954 to retain the oil percentage depletion rate at 22 percent.
Oil Production Incentive Act of 1981 - Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department; Energy Department.
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