A bill to amend the Internal Revenue Code of 1954 to allow a deduction of intangible drilling and development costs in the case of geothermal resources.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide a deduction for the intangible drilling and development costs for wells drilled for geothermal steam and geothermal resources. Removes the 22 percent limitation on deductions for depreciation of geothermal resources. Allows the deduction of geothermal exploration expenditures where intangible drilling and development costs may be deducted under this Act.…