Sec. 3130. Repeal of percentage depletion
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Part I of subchapter I of chapter 1 is amended by striking sections 613 and 613A (and by striking the items relating to such sections in the table of sections for such part). Such part is amended by redesignating section 614 as section 613 (and, in the table of sections for such part, by redesignating the item relating to section 614 as an item relating to section 613). Clauses
(iv)and
(v)of section 465(c)(2)(A) are each amended by striking section 614 and inserting section 613 . Section 1016(e) is amended by striking section 614 and inserting section 613 . Section 1254(a)(3) is amended by striking section 614 and inserting section 613 . Section 45(c)(4) is amended to read as follows: The term geothermal energy means energy derived from a geothermal deposit. The term geothermal deposit means a geothermal reservoir consisting of natural heat which is stored in rocks or in an aqueous liquid or vapor (whether or not under pressure). . Section 48(a)(3)(A)(iii) is amended by striking section 613(e)(2) and inserting section 45(c)(4)(B) Section 381(c) is amended by striking paragraph (18). Section 465(c)(1)(E) is amended by striking section 613(e)(2) and inserting section 45(c)(4)(B) . Section 468(d)(3) is amended by striking section 614 and inserting section 613 . Section 611(a) is amended by striking the second sentence. Section 613(d), as redesignated by paragraph (1), is amended by striking includes only and all that follows and inserting includes only an interest burdened by the costs of production. . Section 636(a) is amended by striking (for purposes of section 613) . Section 636(d) is amended by striking section 614(a) and inserting section 613(a) . Section 705(a) is amended— in paragraph (1), by adding and at the end of subparagraph (A), by striking ; and at the end of subparagraph
(B)and inserting a period, and by striking subparagraph (C), in paragraph (2), by striking ; and at the end of subparagraph
(B)and inserting a period, and by striking paragraph (3). Section 901(e)(1)(A) is amended by striking (or, if smaller and all that follows through under section 613) . Section 993(c)(2)(C) is amended by inserting (as each such section was in effect before its repeal by the after Tax Reform Act of 2014 ) section 613 or 613A . Section 1202(e)(3)(D) is amended by inserting (as each such section was in effect before its repeal by the after Tax Reform Act of 2014 ) section 613 or 613A . Section 1367(a) is amended— in paragraph (1), by adding and at the end of subparagraph (A), by striking , and at the end of subparagraph
(B)and inserting a period, and by striking subparagraph (C), and in paragraph (2), by adding and at the end of subparagraph (C), by striking , and at the end of subparagraph
(D)and inserting a period, and by striking subparagraph (E). Section 1446(c) is amended by striking paragraph
(2)and by redesignating paragraph
(3)as paragraph (2). Section 4612(a)(7) is amended by inserting (as in effect before its repeal by the after Tax Reform Act of 2014 ) section 613 . Section 4940(c)(3)(B) is amended— by striking clause (ii), and by striking all that precedes The deduction provided and inserting the following: For purposes of subparagraph (A), the deduction provided . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.