A bill to amend the Internal Revenue Code of 1954 to deny a deduction for the depletion of any mine, well, or timber located on or within lands belonging to the United States.

referredUnited States· United States Congress· EN

Introduced

1 March 1974

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Revises the Internal Revenue Code by not allowing a deduction from income tax for the depletion of any mine, oil or gas well, other natural deposit, or timber if: (1) in the case of a mine, an oil or gas well, or any other natural deposit, the mineral rights to the property to which the deduction relates belong to the United States; or (2) in the case of timber, it is located on land belonging to the United States.

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Documents

1 official file

Introduced in Senate
summary · EN · 1 March 1974
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/senate-bill/3090
Open data entity: https://api.congress.gov/v3/bill/93/s/3090