HR 10588 · 94th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to allow certain small retailers who do not refine crude oil to use percentage depletion for a limited amount of their oil or natural gas production.

Introduced 1975-11-06· Sponsored by Rep. Carr, Bob [D-MI-6]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1975-11-06)

Plain Language Summary

[AI summary unavailable — showing source text] Allows, under the Internal Revenue Code, owners of retail outlets who do not refine crude oil to use the percentage depletion method of deducting investment expenses for their oil or natural gas production.…

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