HR 870
106th Congress
House
Taxation
Business income tax
Commerce
Depletion allowances
Energy
Income tax
Petroleum industry
Petroleum refineries
Tax deductions
To amend the Internal Revenue Code of 1986 to change the determination of the 50,000-barrel refinery limitation on oil depletion deduction from a daily basis to an annual average daily basis.
Introduced: February 25, 1999
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 1999
Referred to the House Committee on Ways and Means.
Feb 25, 1999
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to change the determination of the 50,000 barrel-per-day refinery limitation concerning the oil depletion deduction to a 50,000 annual average daily basis limitation.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1