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 §§ 263(c), 616 and 617 in effect January 1, 1985
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2017
FY2018
FY2019
FY2020
FY2021
Personal Income Tax
Accelerated Deductions from Gross Income
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 <a href="/tax-expenditure-budget/corporate-excise-tax/accelerated-deductions-from-gross-income/2-309">2.309</a>; the provisions for individual taxpayers are somewhat more liberal than those that apply to corporations.
IRC §§ <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000263----000-.html" target="_blank">263(c)</a>, <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000616----000-.html" target="_blank">616</a> and <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000617----000-.html" target="_blank">617</a> in effect January 1, 1985
Negligible
Negligible
Negligible
Negligible
Negligible
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