Oil Shale and Coal Conversion Facilities Tax Act

[AI summary unavailable — showing source text] Oil Shale and Coal Conversion Facilities Tax Act - Provides that a taxpayer may elect to deduct under the Internal Revenue Code the costs of new oil shale or coal conversion facilities over a 60 month period in order to provide incentives for the production of such new facilities. Provides for a fifteen percent depletion allowance in the case of coal converted into oil or gas.…