A bill to amend the Internal Revenue Code of 1954 to provide that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country, and to eliminate the percentage depletion allowance in the case of any such well.

Requires, under the Internal Revenue Code of 1954, that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country. Eliminates the percentage depletion allowance in the case of any such well presently authorized under such Code.