Summary: H.R.3197 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.3197. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/22/1979)

Amends the Internal Revenue Code to allow a taxpayer, who is entitled to a depletion allowance, to elect to exclude from gross income amounts attributable to production from any exploratory oil or gas well drilled within five years from the effective date of this Act.