S 566 · 97th Congress · Taxation
Oil Production Incentive Act of 1981
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Committee on Finance requested executive comment from OMB; Treasury Department; Energy Department.(1981-03-02)
Plain Language Summary
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Oil Production Incentive Act of 1981 - Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (11)
5 Democrats6 Republicans