CHAPTER 18

FORMERLY

HOUSE BILL NO. 137

AN ACT TO AMEND CHAPTER 11 AND CHAPTER 19, TITLE 30, DELAWARE CODE, TO DISALLOW DEDUCTIONS FOR PERCENTAGE DEPLETION OF OIL AND GAS WELLS IN COMPUTING TAXABLE INCOME

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Amend subsection (a) of Section 1106, Title 30, Delaware Code by adding a new paragraph (3) to read as follows:

"(3) The amount of any deduction for depletion of oil and gas wells allowed under Section 611 of the Federal Internal Revenue Code of 1954 to the extent such deduction is determined by reference to Section 613 of the Federal Internal Revenue Code (relating to percentage depletion)."

Section 2. Amend Section 1144, Title 30, Delaware Code by striking the period "(.)" at the end of the first sentence and adding the following:

"as modified by Section 1106 of this Chapter."

Section 3. Amend Section 1903 (a), Title 30, Delaware Code, by adding a new paragraph (5) to the end thereof to read as follows:

"5. Any deduction allowed for depletion of oil and gas wells under section 611 of the Federal Internal Revenue Code to the extent such deduction is determined by reference to Section 613 of the Federal Internal Revenue Code (relating to percentage depletion)."

Section 4. Effective Date. This Act shall take effect on April 1, 1975.

Approved March 27, 1975.