Uniform seven-year amortization for geological and geophysical expenditures

(a) In general Section 167(h) of the Internal Revenue Code of 1986 is amended— (1) by striking 24-month period each place it appears in paragraphs (1) and (4) and inserting 84-month period, (2) by striking paragraph (2) and inserting the following: (2) Mid-month convention For purposes of paragraph (1), any payment paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month., and (3) by striking paragraph (5). (b) Effective date The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.