Inflation Control Act

Inflation Control Act - Limits the type of gas wells eligible for the depletion allowance, under the Internal Revenue Code, to wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract to the extent of such production.

States that if the taxpayer elects the application of this subsection, then with respect to so much of his average daily production of domestic crude oil as does not exceed 3,000 barrels, the percentage depletion rate shall be 15 percent in the case of gross income from the property before January 1, 1979.

Provides that, except as specified in this Act, at the election of the taxpayer there shall be allowed as a deduction in computing taxable income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property (including an oil or gas well).

States that the aggregate of the deductions allowable under this Act for any taxable year shall not exceed the taxpayer's aggregate taxable income from all mineral properties located within the United States.

Terminates the deduction for mine development and exploration as of December 31, 1973.

Provides that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or refining of oil or gas in such country, the term "income, war profits, and excess profits tax" does not include any royalty, bonus, or other payment which does not constitute the payment of a bona fide Federal or National income tax.

Terminates the designation of any corporation as a domestic international sales corporation as of December 31, 1973.

Imposes a tax, with respect to income of every person, equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount.