A bill to amend the Internal Revenue Code of 1954 to eliminate the phase-down of the rate of percentage depletion for independent producers and royalty holders.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (phased-down to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.…