HR 1114
109th Congress
House
Taxation
Commerce
Depletion allowances
Energy
Income tax
Petroleum refineries
Small business
Tax deductions
To amend the Internal Revenue Code of 1986 to modify the small refiner exception to the oil depletion deduction.
Introduced: March 3, 2005
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 2005
Referred to the House Committee on Ways and Means.
Mar 3, 2005
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to revise the definition of certain small crude oil refiners eligible for the exemption from limitations applicable to the percentage depletion allowance for oil and gas wells to provide that such refiners will qualify for the exemption if their average daily refinery runs do not exceed 75,000 barrels (currently, 50,000 barrels).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1