A bill to amend the Internal Revenue Code of 1954 to eliminate the percentage depletion allowance for oil and gas wells, to deny credit for foreign taxes imposed on income from such wells, and to provide for an excess profits tax on the income of oil producing and refining corporations.

Eliminates the percentage depletion allowance under the Internal Revenue Code for oil and gas wells. Repeals the tax credit for foreign taxes imposed on income from oil and gas wells. Authorizes a tax deduction for foreign taxes imposed on the income from such wells to the extent a tax credit is denied under the applicable provisions of the Internal Revenue Code. Imposes, for each taxable year, a tax on the income of every corporation producing or refining petroleum, equal to 50 percent ot the excess petroleum income of such corporation. Defines the term excess petroleum income.