Code · BILL · 113th Congress · H.R. 601 (Introduced in House) — To direct the Secretary of the Interior to establish an annual production incentive fee with respect to Federal onsho... · Sec. 403

Sec. 403. Producing oil and gas from marginal wells

87 words·~1 min read·/bill/113/hr/601/ih/section-403

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Section 45I of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: Subsection

(a)shall not apply to any taxpayer whose aggregate gross receipts for the taxable year are in excess of $50,000,000. For purposes of paragraph (1), all persons treated as a single employer under subsections

(a)and

(b)of section 52 shall be treated as 1 person. . The amendment made by subsection

(a)shall apply to credits determined for taxable years beginning after December 31, 2012.