Amortization of qualified tertiary injectant expenses

(a) In general Section 193 of the Internal Revenue Code of 1986 is amended— (1) by striking subsection (a) and inserting the following: (a) Amortization of qualified tertiary injectant expenses (1) In general Any qualified tertiary injectant expenses paid or incurred by the taxpayer shall be allowed as a deduction ratably over the 84-month period beginning on the date that such expense was paid or incurred. (2) Mid-month convention For purposes of paragraph (1), any expenses paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month., and (2) by striking subsection (c) and inserting the following: (c) Exclusive method Except as provided in this section, no depreciation or amortization deduction shall be allowed with respect to qualified tertiary injectant expenses.. (b) Effective date The amendments made by this section shall apply to expenses paid or incurred in taxable years beginning after the date of the enactment of this Act.