HR 3426 · 97th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to repeal the provision which limits the deduction for percentage depletion in the case of oil and gas wells to 65 percent of taxable income.

Introduced 1981-05-05· Sponsored by Rep. Edwards, Mickey [R-OK-5]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1981-05-05)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to repeal the 65 percent limitation on the deduction for percentage depletion in the case of independent oil and gas producers and royalty owners.…

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