A bill to amend the Internal Revenue Code of 1954 to eliminate the percentage depletion allowance and the option to deduct intangible drilling and development costs in the case of any oil or gas well located outside the United States, and to deny a foreign tax credit with respect to the income derived from any such well.

[AI summary unavailable — showing source text] Eliminates the percentage depletion allowance and the option to deduct intangible drilling and development costs, under the Internal Revenue Code, in the case of any oil or gas well located outside the United States. Denies a foreign tax credit with respect to the income derived from any such well.…