A bill to amend the Internal Revenue Code of 1954 to provide that the option of deducting intangible drilling and development costs will not be available to integrated oil companies.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to preclude integrated oil companies from electing to expense intangible drilling and development costs. Defines "integrated oil company" to be a retailer or refiner of crude oil as defined under the Internal Revenue Code for purposes of the depletion deduction.…