A bill to amend the Internal Revenue Code of 1954 to terminate the percentage depletion method of computing the depletion deduction for oil and gas wells and oil shale, to deny the deduction of intangible drilling and development costs, and to deny a foreign tax credit with respect to the income derived from any such well.

[AI summary unavailable — showing source text] Terminates, under the Internal Revenue Code, the percentage depletion method of computing the depletion deduction for oil and gas wells and oil shale. Denies the deduction of intangible oil and gas well drilling and development costs. Denies a foreign tax credit with respect to the income derived from any such well.…