Sec. 517. Repeal of percentage depletion for coal and hard mineral fossil fuels
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Section 613 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of coal, lignite, and oil shale (other than oil shale described in subsection (b)(5)), the allowance for depletion shall be computed without reference to this section for any taxable year beginning after the date of the enactment of this subsection. . Section 613(b)(4) of the Internal Revenue Code of 1986 is amended by striking coal, lignite, . Section 613(b)(2) of such Code is amended to read as follows:
If, from deposits in the United States, gold, silver, copper, and iron ore. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.