30 Percentage depletion. For tax years beginning on or after January 1, 1987, the

percentage depletion that is an addition to net income is the depletion described in Section 57(a)(1) of the Internal Revenue Code only to the extent the depletion applies to an oil, gas, or geothermal well. This depletion is an item of tax preference for federal minimum tax purposes for tax years beginning after December 31, 1986. This rule is intended to implement Iowa Code section 422.7. [ARC 7761B, IAB 5/6/09, effective 6/10/09; Editorial change: IAC Supplement 11/2/22]