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This bill amends the Internal Revenue Code to increase tax deductions for small oil and gas producers on marginal properties. Specifically, it raises the percentage depletion allowance from 15% to a sliding scale up to 25% based on crude oil prices, removes the taxable income limitation on these deductions for marginal wells, and doubles the threshold for what qualifies as a marginal property from 1,000 to 2,000 barrels per day. The changes apply to taxable years beginning after December 31, 2026, with adjustments for inflation in subsequent years.
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