Section 1 Elimination of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties
In general— Subparagraph (H) of section 613A(c)(6) of the Internal Revenue Code of 1986 is amended to read as follows:
“(H) Nonapplication of taxable income limit with respect 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 beginning after December 31, 2014.