PERCENTAGE DEPLETION RATE FOR CERTAIN CLAY BEARING ALUMINA.

SEC. 207. PERCENTAGE DEPLETION RATE FOR CERTAIN CLAY BEARING ALUMINA. (a) 23 Percent Rate.— Section 613(b) (relating to percentage depletion rates) is amended— (1) by inserting “clay, laterite, and nephelite syenite” after “anorthosite” in paragraph (2)(B); and (2) by striking out “if paragraph (5)(B) does not apply” in paragraph (3)(B) and inserting in lieu thereof “if neither paragraph (2)(B) nor (5)(B) applies”. (b) Effective Date.— The amendments made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.