A bill to amend the Internal Revenue Code of 1954 to provide that the percentage depletion method may be used only for oil and gas wells located in the United States or adjacent to the North American continent.

referredUnited States· United States Congress· EN

Introduced

24 January 1974

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Provides, under the Internal Revenue Code, that the percentage depletion method may be used only for oil and gas wells located in the "northwestern quadrisphere" as the 50 States, the District of Columbia, Panama, Costa Rica, and any country located entirely above 10 degrees north latitude, east of 170 degrees longitude west of greenwick, and west 50 degrees longitude west of greenwich. (Amends 26 U.S.C. 613)

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 · 24 January 1974
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/93rd-congress/senate-bill/2886
Open data entity: https://api.congress.gov/v3/bill/93/s/2886