Amends the Internal Revenue Code to modify percentage depletion rules for oil and gas wells.
The bill, Protecting America’s Small Oil and Gas Producers and Rural Jobs Act, amends the Internal Revenue Code to modify certain percentage depletion rules for oil and gas wells. It increases the depletable oil quantity calculation from 1,000 barrels to 2,000 barrels. The bill also modifies the percentage depletion rate calculation with respect to marginal properties, introducing a PPI adjustment factor. These changes apply to taxable years beginning after December 31, 2026.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.