A bill to amend the Internal Revenue Code of 1954 to provide an exclusion from gross income of amounts received for the production from certain oil or gas wells.

referredUnited States· United States Congress· EN

Introduced

13 May 1977

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to allow a taxpayer, who is entitled to a depletion allowance, to elect to exclude from gross income amounts attributable to production from any exploratory oil or gas well drilled within five years from the effective date of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Introduced in Senate
summary · EN · 13 May 1977
Open at official source

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/95th-congress/senate-bill/1508
Open data entity: https://api.congress.gov/v3/bill/95/s/1508