Sec. 4001. No expensing for intangible drilling and development costs for oil and gas wells
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Section 263(c) of the Internal Revenue Code of 1986 is amended— in the second sentence, by striking are deductible and inserting would, but for the last sentence of this subsection, be deductible , and by adding at the end the following new sentence: In the case of any taxable year beginning after December 31, 2017, this subsection shall not apply with respect to any oil or gas well. . Section 263(i) of such Code is amended by striking an oil, gas, or geothermal and inserting a geothermal . The amendment made by this section shall apply with respect to taxable years beginning after December 31, 2017.