Sec. 214. Repeal percentage depletion for oil and natural gas wells
80 words·~1 min read·
/bill/113/hr/243/ih/section-214·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 613A is amended by adding at the end the following new subsection: After the date of the enactment of the Bowles-Simpson Plan of Lowering America’s Debt Act , this section and section 611 shall not apply to any oil or gas well. . Section 613A(c)(1) is amended by striking subsection
(d)and inserting subsections
(d)and
(f). The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.