Section 1 Short title
This Act may be cited as the “Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2015”.
Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to repeal the percentage depletion allowance for certain hardrock mines.
Sec. 2 Repeal of percentage depletion allowance for certain hardrock mines
In general— Section 613(a) of the Internal Revenue Code of 1986 is amended by inserting “(other than hardrock mines located on lands subject to the general mining laws or on land patented under the general mining laws)” after “In the case of the mines”.
General mining laws defined— Section 613 of the Internal Revenue Code of 1986 is amended by adding at the end the following:
“(f) General mining laws—For purposes of subsection (a), the term general mining laws means those Acts which generally comprise chapters 2, 12A, and 16, and sections 161 and 162 of title 30 of the United States Code.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2015.