A bill to amend the Internal Revenue Code of 1986 to encourage increased production of domestic crude oil, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. Provides that the 50 percent net income limitation on the percentage depletion allowance shall not apply to oil or gas wells. Increases the rate of the percentage depletion allowance for oil and natural gas. Sets forth a fluctuating rate based on the average annual removal price during the calendar year. Includes geological, geophysical, and surface casing costs as intangible drilling costs eligible for expensing for tax deduction purposes. Repeals the recapture of gain realized from the disposition of an interest in oil, gas, or geothermal property.…