U.S. Congress legislation · 119th Congress
HB8034: Protecting America’s Small Oil and Gas Producers and Rural Jobs Act
Status: In committee, March 20, 2026
To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
What the bill says
To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
From the introduced text, March 20, 2026:
A BILL To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells. SECTION 1. Short title This Act may be cited as the Protecting America's Small Oil and Gas Producers and Rural Jobs Act . SECTION 2. Modification of certain percentage depletion rules with respect to oil and gas wells (a) Percentage depletion rate calculation modified with respect to (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 …
Sponsors
- Tracey Mann (R, HD-001) · primary sponsor
- Ron Estes (R, HD-004)
- Derek Schmidt (R, HD-002)
- August Pfluger (R, HD-011)
- Patrick Fallon (R, 4)
- Kevin Hern (R, HD-OK-1)
- Mike Kelly (R, HD-PA-16)
- Nathaniel Moran (R, HD-001)
- Tom McClintock (R)
- Mike Carey (R, HD-015)
- Lauren Boebert (R, HD-004)
- Vince Fong (R)
Latest actions
- : Referred to the House Committee on Ways and Means.
- : Introduced in House
Subjects: Taxation
Common questions
- What is HB8034?
- HB8034 is a bill in Congress (119th Congress): Protecting America’s Small Oil and Gas Producers and Rural Jobs Act.
- What does HB8034 do?
- In its own words: To amend the Internal Revenue Code of 1986 to modify certain percentage depletion rules with respect to oil and gas wells.
- What is the status of HB8034?
- In committee as of March 20, 2026. Latest action: Referred to the House Committee on Ways and Means. (March 20, 2026).
- Who sponsored HB8034?
- Tracey Mann (R, HD-001), with 11 co-sponsors.
- Where is the official record for HB8034?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/8034
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.