Code · BILL · 113th Congress · S. 277 (Introduced in Senate) — To replace the Budget Control Act sequester by eliminating tax loopholes, and for other purposes. · Sec. 404

Sec. 404. Limitation on percentage depletion allowance for oil and gas wells

67 words·~1 min read·/bill/113/s/277/is/section-404

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Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any taxable year in which the taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)), the allowance for percentage depletion shall be zero. . The amendment made by this section shall apply to taxable years beginning after December 31, 2012.