Code · BILL · 113th Congress · S. 307 (Introduced in Senate) — To reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. · Sec. 105

Sec. 105. Limitation on deduction for tertiary injectants

114 words·~1 min read·/bill/113/s/307/is/section-105

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Section 193 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: This section shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company (within the meaning of section 167(h)(5)). The amount not allowable as a deduction for any taxable year by reason of paragraph

(1)shall be allowable as a deduction ratably over the 60-month period beginning with the month in which the costs are paid or incurred. . The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2013.