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.

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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Timeline

1. 1 March 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 1 March 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 March 1974

  Open at official source

Sponsors

• Sen. Abourezk, James [D-SD] · D · Sponsor
• Sen. Pell, Claiborne [D-RI] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• · ssfi00 · Standing

Related records

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