To amend the Internal Revenue Code of 1986 to provide for the use of unused alternative minimum tax credits, to repeal certain alternative minimum tax preferences for energy production, and for other purposes.

Amends the Internal Revenue Code to allow corporate taxpayers with unused alternative minimum tax credits from prior years to use such credits against current-year alternative minimum tax liability. Establishes an ordering rule for applying such credit.

Eliminates intangible drilling costs and percentage depletion as tax preference items for independent producers of oil and gas properties, with limitations.

Declares that depreciation adjustments do not apply to environmental improvement assets.