108th CONGRESS
1st Session
S. 934
To amend the Internal Revenue Code of 1986 to modify the small refiner
exception to the oil depletion deduction.
IN THE SENATE OF THE UNITED STATES
April 29, 2003
Mr. BREAUX (for himself and Mr. NICKLES) introduced the following bill; which
was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to modify the small refiner
exception to the oil depletion deduction.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. DETERMINATION OF SMALL REFINER EXCEPTION TO OIL DEPLETION DEDUCTION.
(a) IN GENERAL- Paragraph (4) of section 613A(d) of the Internal Revenue Code
of 1986 (relating to certain refiners excluded) is amended to read as follows:
`(4) CERTAIN REFINERS EXCLUDED- If the taxpayer or a related person engages
in the refining of crude oil, subsection (c) shall not apply to the taxpayer
for a taxable year if the average daily refinery runs of the taxpayer and
the related person for the taxable year exceed 75,000 barrels. For purposes
of this paragraph, the average daily refinery runs for any taxable year
shall be determined by dividing the aggregate refinery runs for the taxable
year by the number of days in the taxable year.'.
(b) EFFECTIVE DATE- The amendment made by this section shall apply to taxable
years beginning after December 31, 2002.
END
