HR 8034 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Protecting America’s Small Oil and Gas Producers and Rural Jobs Act
To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
Summary
This bill would amend the Internal Revenue Code to modify tax depletion rules for marginal oil and gas wells. It would increase the percentage depletion allowance for these wells, with the allowance calculated as 15 percent plus one percentage point for each dollar the reference price of crude oil falls below $70, up to a maximum of 25 percent. The bill would also remove the taxable income limitation on percentage depletion for marginal properties and increase the depletable oil quantity threshold from 1,000 barrels to 2,000 barrels. For tax years beginning after 2027, the $70 price threshold would be adjusted for inflation based on the Producer Price Index. The changes would be effective for taxable years beginning after December 31, 2026.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Mann, Tracey [R-KS-1] (R-KS)
10 cosponsors
- Rep. Boebert, Lauren [R-CO-4] (R-CO)
- Rep. Carey, Mike [R-OH-15] (R-OH)
- Rep. Estes, Ron [R-KS-4] (R-KS)
- Rep. Fallon, Pat [R-TX-4] (R-TX)
- Rep. Hern, Kevin [R-OK-1] (R-OK)
- Rep. Kelly, Mike [R-PA-16] (R-PA)
- Rep. McClintock, Tom [R-CA-5] (R-CA)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Pfluger, August [R-TX-11] (R-TX)
- Rep. Schmidt, Derek [R-KS-2] (R-KS)
Money behind the sponsor
Top reported contributors to Tracey Mann’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- WINTER LIVESTOCK $13,200
- ICM INC. $8,300
- SILVER COMPANIES $7,220
- EQUITY BANK $6,850
- CROSSLAND CONSTRUCTION COMPANY $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Tracey Mann → · Outside spending →
Actions (2)
- Mar 20, 2026 Referred to the House Committee on Ways and Means. · house
- Mar 20, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
March 20, 2026
Mr. Mann (for himself, Mr. Estes, Mr. Schmidt, and Mr. Pfluger) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Protecting America’s Small Oil and Gas Producers and Rural Jobs Act”.
SEC. 2. MODIFICATION OF CERTAIN PERCENTAGE DEPLETION RULES WITH RESPECT TO OIL AND GAS WELLS.
(a) Percentage Depletion Rate Calculation Modified With Respect to Marginal Properties.—Section 613A(c)(6)(C) of the Internal Revenue Code of 1986 is amended to read as follows:
“(C) Applicable percentage.—
“(i) In general.—For purposes of subparagraph (A), the term ‘applicable percentage’ means the percentage (not greater than 25 percent) equal to the sum of—
“(I) 15 percent, plus
“(II) 1 percentage point for each whole dollar by which $70 exceeds the reference price for crude oil for the calendar year preceding the calendar year in which the taxable year begins.
“(ii) PPI adjustment.—
“(I) In general.—In the case of any taxable year beginning in a calendar year after 2027, the $70 amount in clause (i)(II) shall be increased by an amount equal to— “(aa) such dollar amount, multiplied by “(bb) the PPI adjustment factor for such calendar year.
“(II) PPI adjustment factor.—For purposes of subclause (I), the PPI adjustment factor for any calendar year is the percentage (if any) by which— “(aa) the PPI for the preceding calendar year, exceeds “(bb) the PPI for calendar year 2026.
“(III) PPI for any calendar year.—For purposes of subclause (II), the PPI for any calendar year is the average of the Producer Price Index for Drilling Oil and Gas Wells, as published by the Bureau of Labor Statistics of the Department of Labor, as of the close of the 12-month period ending on August 31 of such calendar year. For purposes of this paragraph, the term ‘reference price’ means, with respect to any calendar year, the reference price determined for such calendar year under section 45K(d)(2)(C).”.
(b) Nonapplication of Taxable Income Limitation With Respect to Marginal Properties.—Section 613A(c)(6) of such Code is amended by adding at the end the following new subparagraph:
“(H) Nonapplication of taxable income limitation.—With respect to so much of the allowance for depletion as is determined under subparagraph (A)—
“(i) subsection (d)(1) shall not apply, and
“(ii) the second sentence of subsection
(a) of section 613 shall not apply.”.
(c) Depletable Oil Quantity Calculation Modified.—Section 613A(c)(3)(B) of such Code is amended by striking “1,000 barrels” and inserting “2,000 barrels”.
(d) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>
Comments