1.308 -Expensing Exploration and Development Costs

Item	Description	FY2009	FY2010	FY2011
1.308	Expensing Exploration and Development Costs Individuals or investors in extractive industries (mining or drilling natural resources) may take an immediate deduction for certain exploration and development costs. For a more detailed description of this tax expenditure, see corporate excise item 2.309; the provisions for individual taxpayers are somewhat more liberal than those that apply to corporations. Origin: IRC S. 263(c), 616 and 617 in effect January 1, 1985 Estimate: Negligible	Negligible	Negligible	Negligible

Key:

ORIGIN
IRC	Federal Internal Revenue Code (26 U.S.C.)
U.S.C	United States Code
M.G.L.	Massachusetts General Laws
Rev. Rul.; C.B.	Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES	All estimates are in $ millions.