S 2884 · 93th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to disallow the percentage depletion method of computing the deduction for depletion of oil and gas wells and oil shale deposits.

Introduced 1974-01-24· Sponsored by Sen. Nelson, Gaylord [D-WI]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1974-01-24)

Plain Language Summary

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code, that the tax deduction allowance for depletion for oil and gas wells and for oil shale shall not be determined for any taxable year ending after December 31, 1973. (Adds, 26 U.S.C. 6139(e))…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Sen. Hathaway, William D. [D-ME]ME