We have received text from H.R. 8034: Protecting America’s Small Oil and Gas Producers and Rural Jobs Act. This bill was received on 2026-03-20, and currently has 3 cosponsors.
Here is a short summary of the bill:
This bill, titled the
Protecting America’s Small Oil and Gas Producers and Rural Jobs Act
, proposes several changes to the Internal Revenue Code concerning how oil and gas producers calculate their tax deductions related to depletion, particularly for marginal oil and gas properties. The key components of the bill include:
Modification of Percentage Depletion Calculation
The bill modifies how the percentage depletion rate is calculated for oil and gas wells classified as marginal properties, which are typically those that produce oil and gas at lower volumes. The new rules provide:
- The maximum depletion percentage will be adjusted to not exceed 25%.
- This adjustment is determined by a base of 15%, plus an additional percentage point for each whole dollar by which the reference price for crude oil exceeds $70, where the reference price is based on the previous year’s pricing.
- Starting from 2028, the $70 threshold will be adjusted based on the Producer Price Index (PPI), which tracks the average changes in prices received by domestic producers for their output.
Exemption from Taxable Income Limitation
The bill also proposes an exemption for the taxable income limitation that currently restricts the amount of depletion expense that can be deducted. This means that for certain marginal properties, the usual limit on the tax deduction for depletion will not apply, potentially allowing for larger deductions for these producers.
Increased Depletable Quantity
Furthermore, the bill increases the depletable oil quantity for which these calculations apply. Specifically, it raises the threshold from 1,000 barrels to 2,000 barrels, meaning properties producing up to 2,000 barrels can now qualify under the altered depletion rules.
Effective Date
The changes proposed in this bill are set to take effect for taxable years beginning after December 31, 2026.
Summary
In essence, this legislation aims to provide more favorable tax treatment to small oil and gas producers, particularly those operating marginal wells. By adjusting the depletion calculation methods and relaxing certain limitations, the bill seeks to enhance the financial viability of these producers, which may positively impact rural economic conditions.
Relevant Companies
- SM Energy Company (SM) - This company operates in the oil and gas sector and could be directly affected by the bill's changes to depletion calculations and tax deductions.
- Cor occhi Resources, Inc. (CRK) - Like SM Energy, this company could benefit from the modifications intended to support smaller producers through increased tax deductions.
- Pioneer Natural Resources (PXD) - As a player in the oil industry, changes in tax regulations can influence its financial performance and operational decisions.
Representative Tracey Mann Bill Proposals
Here are some bills which have recently been proposed by Representative Tracey Mann:
- H.R.8180: To allow the Commodity Futures Trading Commission and certain authorities to exchange detailees on a temporary basis, and to allow resource-sharing from other Federal agencies.
- H.R.8034: Protecting America’s Small Oil and Gas Producers and Rural Jobs Act
- H.R.7468: First-Time Home Buyer Empowerment Act
- H.R.7261: Motor Carrier Safety Screening Modernization Act
- H.R.6874: Roadway Safety Modernization Act of 2025
- H.R.6460: Recreational Drone Empowerment Act
You can track bills proposed by Representative Tracey Mann on Quiver Quantitative's politician page for Mann.
Representative Tracey Mann Net Worth
Quiver Quantitative estimates that Representative Tracey Mann is worth $6.0M, as of April 7th, 2026. This is the 153rd highest net worth in Congress, per our live estimates.
Mann has approximately $109.9K invested in publicly traded assets which Quiver is able to track live.
You can track Representative Tracey Mann's net worth on Quiver Quantitative's politician page for Mann.
Representative Tracey Mann Stock Trading
We have data on up to $100.0K of trades from Representative Tracey Mann, which we parsed from STOCK Act filings.
You can track Representative Tracey Mann's stock trading on Quiver Quantitative's politician page for Mann.
2026 Kansas's 1st Congressional District Election
There has been approximately $1,754,580 of spending in Kansas's 1st congressional district elections over the last two years, per our estimates.
The rating for this race is currently "Solid R".
You can track this election on our matchup page for the 2026 Kansas's 1st congressional district election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
