The Act proposes, among other things, to increase the percentage depletion rate for marginal wells from 15 percent to 27.5 percent; eliminate the net income limitation on percentage depletion; and define produced water tanks as water treatment facilities to the same extent as similar facilities in other industrial sectors (relieving marginal wells of certain regulatory burdens). Introduced by Senator Inhofe (R-Okla.) and Rep. Boren (D-Okla.), a copy of the legislation can be found here.
