Individuals or investors in extractive industries (mining or drilling natural resources) may deduct a percentage of gross mining income as a depletion allowance. The allowance may exceed the actual cost of the resource property. For a more detailed description of this tax expenditure, see corporate excise item 2.204.
Origin: IRC §§ 611, 613, and 613A
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2017
FY2018
FY2019
FY2020
FY2021
Personal Income Tax
Deductions from Gross Income
1.203
Excess Natural Resource Depletion Allowance
Individuals or investors in extractive industries (mining or drilling natural resources) may deduct a percentage of gross mining income as a depletion allowance. The allowance may exceed the actual cost of the resource property. For a more detailed description of this tax expenditure, see corporate excise item <a href="/tax-expenditure-budget/corporate-excise-tax/deductions-from-gross-income/2-204">2.204</a>.
IRC §§ <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000611----000-.html" target="_blank">611</a>, <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000613----000-.html" target="_blank">613,</a> and <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000613----000-.html" target="_blank">613A</a>
0.2
0.2
0.3
0.3
0.3
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