Modifies percentage depletion rules for oil and gas wells to benefit small producers.
The bill amends the Internal Revenue Code to modify percentage depletion rules for oil and gas wells. It adjusts the applicable percentage for marginal properties and modifies the depletable oil quantity calculation. These changes aim to provide relief to small oil and gas producers. The amendments apply to taxable years beginning after December 31, 2026.
The filed bill text is too short for analysis.