S 2977 · 93th Congress · Petroleum industry

A bill to repeal the deduction of intangible drilling and development costs of oil and gas wells.

Introduced 1974-02-07· Sponsored by Sen. Hathaway, William D. [D-ME]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1974-02-07)

Plain Language Summary

[AI summary unavailable — showing source text] Repeals the deduction allowed under the Internal Revenue Code for the tangible drilling and development costs of oil and gas wells. (Repeals 26 U.S.C. 613 (b) (1) (A))…

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