A bill to amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
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Summary
Based on the bill's title, this legislation would amend the Internal Revenue Code to modify percentage depletion rules applicable to oil and gas wells. Percentage depletion is a tax deduction that allows oil and gas producers to deduct a percentage of gross income from wells as a depletion allowance. The specific modifications are not detailed in the title alone, so the direction and scope of changes cannot be determined without the full bill text.
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