Section 1 Exception for marginal production from taxable income limit on percentage depletion for oil and natural gas wells made permanent
In general— Section 613A(c)(6)(H) of the Internal Revenue Code of 1986 is amended to read as follows:
“(H) Taxable income limit not applicable to marginal production—The second sentence of subsection (a) of section 613 shall not apply to so much of the allowance for depletion as is determined under subparagraph (A).”
Effective date— The amendment made by this section shall apply to taxable years ending after the date of the enactment of this Act.