A bill to amend the Internal Revenue Code of 1954 to provide an exclusion from gross income of amounts received for the production from certain oil or gas wells.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a taxpayer, who is entitled to a depletion allowance, to elect to exclude from gross income amounts attributable to production from any exploratory oil or gas well drilled within five years from the effective date of this Act.…