NET INCOME LIMITATION ON PERCENTAGE DEPLETION IN-CREASED FROM 50 PERCENT TO 100 PERCENT OF PROPERTY NET INCOME FOR OIL AND GAS PROPERTIES.

SEC. 11522. NET INCOME LIMITATION ON PERCENTAGE DEPLETION IN-CREASED FROM 50 PERCENT TO 100 PERCENT OF PROPERTY NET INCOME FOR OIL AND GAS PROPERTIES. (a) In General.— The second sentence of subsection (a) of section 613 (relating to percentage depletion) is amended by inserting “(100 percent in the case of oil and gas properties)” after “50 percent”. (b) Conforming Amendments.— (1) Subparagraph (C) of section 613A(c)(7) is amended by striking “50-percent” and inserting “taxable income”. (2) Section 614(d) is amended by striking “50 percent” and inserting “taxable income”. (c) Effective Date.— The amendments made by this section shall apply to taxable years beginning after December 31, 1990.