A bill to amend the Internal Revenue Code of 1954 to disallow the percentage depletion method of computing the deduction for depletion of oil and gas wells and oil shale deposits.

Provides, under the Internal Revenue Code, that the tax deduction allowance for depletion for oil and gas wells and for oil shale shall not be determined for any taxable year ending after December 31, 1973. (Adds, 26 U.S.C. 6139(e))