S 1140 · 94th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to phase out the percentage depletion deduction allowed for domestic oil and gas wells.

Introduced 1975-03-11· Sponsored by Sen. Hatfield, Mark O. [R-OR]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1975-03-11)

Plain Language Summary

[AI summary unavailable — showing source text] Revises the Internal Revenue Code to phase out over a three-year period the percentage depletion allowance for domestic oil and gas wells, and to disallow such allowance for foreign oil and gas wells.…

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