To amend the Internal Revenue Code of 1986 to modify the small refiner exception to the oil depletion deduction.

H.R. 1114 is a proposal to expand a specific tax break for independent oil companies by changing the definition of a "small refiner." Under current tax law, these companies can deduct a portion of their income to account for the decreasing value of their oil and gas reserves, but this benefit is restricted to companies that process a limited amount of crude oil. This bill would raise that limit from 50,000 barrels per day to 75,000 barrels per day, allowing more mid-sized refining companies to qualify for the deduction. The practical goal of the legislation is to provide tax relief to a broader range of domestic refiners to encourage continued investment in energy production.