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H.R. 1114

BillFederalHouseIn Committee
To amend the Internal Revenue Code of 1986 to modify the small refiner exception to the oil depletion deduction.
About This Bill
Committee
Latest Action · March 3, 2005
Referred to the House Committee on Ways and Means.
Congress
109th (2005–2007)
Introduced
March 3, 2005
Cosponsors (16)
3D 13R
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Summary

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Amends the Internal Revenue Code to revise the definition of certain small crude oil refiners eligible for the exemption from limitations applicable to the percentage depletion allowance for oil and gas wells to provide that such refiners will qualify for the exemption if their average daily refinery runs do not exceed 75,000 barrels (currently, 50,000 barrels).

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