Amends the Internal Revenue Code to extend through 2010 the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4209 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 4209
To amend the Internal Revenue Code of 1986 to suspend for an additional
year the taxable income limit on percentage depletion for oil and
natural gas from marginal wells.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 3, 2009
Mr. Teague (for himself and Mrs. Lummis) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to suspend for an additional
year the taxable income limit on percentage depletion for oil and
natural gas from marginal wells.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. ADDITIONAL 1-YEAR SUSPENSION OF TAXABLE INCOME LIMIT ON
PERCENTAGE DEPLETION FOR OIL AND NATURAL GAS FROM
MARGINAL WELLS.
(a) In General.--Clause (ii) of section 613A(c)(6)(H) of the
Internal Revenue Code of 1986 (relating to temporary suspension of
taxable income limit with respect to marginal production) is amended by
striking ``January 1, 2010'' and inserting ``January 1, 2011''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to taxable years beginning after December 31, 2009.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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