The main purpose of this legislation is to update the tax rules related to percentage depletion for oil and gas wells. This is intended to support small oil and gas producers and help maintain jobs in rural areas. Key provisions of the legislation include changes to how the percentage depletion rate is calculated for marginal oil and gas properties. Specifically, the applicable percentage for depletion can now be up to 25 percent, which includes a base of 15 percent plus an additional percentage based on the difference between a reference price for crude oil and a set amount of $70.