A bill to amend the Internal Revenue Code of 1954 to eliminate the percentage depletion allowance for oil and gas wells and oil shale, to deny the deduction for intangible drilling and development costs, and to disallow the foreign tax credit for taxes paid to a foreign country with respect to foreign mineral income derived from any oil or gas well.

[AI summary unavailable — showing source text] Revises the Internal Revenue Code by eliminating the percentage depletion allowance for oil and gas wells and oil shale, by eliminating the deduction for intangible drilling and development costs, and by disallowing the foreign tax credit for taxes paid to a foreign country with respect to foreign mineral income derived from any oil or gas well.…