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- S.1007
S.1007: A 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.
About This Bill
- This bill was introduced in the 112th Congress
- This bill is primarily about taxation
- Introduced May 17, 2011
- Latest Major Action May 18, 2011
- See the six similar bills introduced in other congresses.
Bill Sponsor
Bill Summary
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.
(Source: Library of Congress)
What Lawmakers Are Saying About This Bill
Bill Actions
| Date | Description |
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Read twice and referred to the Committee on Finance.
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Sponsor introductory remarks on measure.
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| May 17, 2011 |
Introduced in the Senate by James M. Inhofe (R-Okla.) |