A bill to deny percentage depletion in the case of oil which is exported from or imported into the United States, and to provide that intangible drilling and development deductions shall be recaptured where oil is so exported or imported.

Denies, under the Internal Revenue Code of 1954, the percentage depletion deduction in the case of oil which is exported from or imported into the United States. Provides that intangible drilling and development deductions shall be recaptured where oil is so exported or imported.