,,ii  #aacth ,,congress  #ast ,session  
,s4 #ahcc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ag1 
#bjac,mr4 ,inhofe introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to eliminate the
 taxable income limit on percentage     
depletion for oil and natural gas       
produced from marginal properties4  #a4 
,elimination of taxable income limit on 
percentage depletion for oil and natural
 gas produced from marginal properties  
7a7 ,in general ,subparagraph 7,h7 of   
section #fac;,a7c77#f7 of the ,internal 
,revenue ,code of #aihf is amended to   
read as follows3  7,h7 ,nonapplication  
of taxable income limit with respect to 
marginal production ,the second sentence
 of subsection 7a7 of section #fac shall
 not apply to so much of the allowance  
for depletion as is determined under    
subparagraph 7,a74  4  7b7 ,effective   
date ,the amendment made by this section

 shall apply to taxable years beginning 
after ,december #ca1 #bjac4