HR 8034
To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells
Progress
Timeline
- Mar 20Referred to the House Committee on Ways and Means.
Summary
**Bill Summary: HR 8034** **What it does:** This bill would change tax rules related to "percentage depletion" for oil and gas companies. Percentage depletion is a tax deduction that allows these companies to reduce their taxable income based on the declining value of their oil and gas reserves as they extract resources. **Who it affects:** - Oil and gas companies that own wells - Taxpayers generally (through potential changes in federal tax revenue) - Energy consumers (costs could potentially be passed along) **What would change:** The bill would modify the current percentage rates or eligibility rules that determine how much oil and gas companies can deduct from their taxes. However, since the bill is still in committee, the specific changes aren't detailed in this summary. **Current status:** The bill is under review in congressional committee and has not been voted on by the full House of Representatives. *Note: The exact nature of the modifications would require reviewing the bill's specific text.*
How This Affects You
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