A bill to amend the Internal Revenue Code of 1954 to provide that percentage depletion shall not be allowed in the case of mines, wells, and other natural deposits located in foreign territory.

Provides, under the Internal Revenue Code of 1954, that the percentage depletion tax deduction shall not be allowed in the case of mines, wells, and other natural deposits located in foreign territory. (Amends 26 U.S.C. 613)