PERCENTAGE DEPLETION RATE FOR CERTAIN CLAY, SHALE, AND SLATE.

SEC. 209. PERCENTAGE DEPLETION RATE FOR CERTAIN CLAY, SHALE, AND SLATE. (a) 7½ Percent Rate.— Section 613(b) (relating to percentage depletion rates) is amended— (1) by renumbering paragraphs (5) and (6) as (6) and (7), respectively, and by inserting after paragraph (4) the following new paragraph: “(5) 7½ percent—clay and shale used or sold for use in the manufacture of sewer pipe or brick, and clay, shale, and slate used or sold for use as sintered or burned lightweight aggregates.”; 80 Stat. 1580 (2) by striking out in paragraph (3)(B)(as amended by section 207(a)(2)) “if neither paragraph (2)(B) nor (5)(B) applies” and inserting in lieu thereof “if neither paragraph (2)(B), (5), or (6)(B) applies”; (3) by striking out in paragraph (6)(as renumbered by paragraph (1)) “shale, and stone, except stone described in paragraph (6)” and inserting in lieu thereof “shale (except shale described in paragraph (5)), and stone (except stone described in paragraph (7))”; (4) by striking out, in subparagraph (B) of paragraph (6)(as so renumbered), “building or paving brick,” and by striking out “sewer pipe,”; and (5) by inserting after “any such other mineral” in paragraph (7)(as so renumbered) “(other than slate to which paragraph (5) applies)”. (b) Conforming Amendment.—Section 613(c)(4)(G) (relating to treatment processes) is amended by striking out “paragraph (5)(B)”and inserting in lieu thereof “paragraph (5) or (6)(B)”. (c) Effective Date.—The amendments made by subsections (a) and (b) shall apply to taxable years beginning after the date of the enactment of this Act.