A bill to amend the Internal Revenue Code of 1954 to disallow the percentage depletion method of computing the deduction for depletion of oil and gas wells and oil shale deposits.

Summary

Provides, under the Internal Revenue Code, that the tax deduction allowance for depletion for oil and gas wells and for oil shale shall not be determined for any taxable year ending after December 31, 1973. (Adds, 26 U.S.C. 6139(e))

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

Timeline

1. 24 January 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 24 January 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 January 1974

  Open at official source

Sponsors

• Sen. Nelson, Gaylord [D-WI] · D · Sponsor
• Sen. Hathaway, William D. [D-ME] · D · Cosponsor
• · ssfi00 · Standing

Related records

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