Amends the Internal Revenue Code to modify percentage depletion rules for oil and gas wells.
The bill amends the Internal Revenue Code to modify certain percentage depletion rules for oil and gas wells. It removes the taxable income limitation for depletion allowance and adjusts the depletable oil quantity calculation. The bill also modifies the percentage depletion rate calculation for marginal properties and introduces a PPI adjustment factor. These changes apply to taxable years beginning after December 31, 2026.
The filed bill text is too short for analysis.