Sec. 404. Enhanced oil recovery credit
89 words·~1 min read·
/bill/113/hr/601/ih/section-404·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 43 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 amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2012.