A bill to amend the Internal Revenue Code of 1954 to deny a deduction for the depletion of any mine, well, or timber located on or within lands belonging to the United States.

Revises the Internal Revenue Code by not allowing a deduction from income tax for the depletion of any mine, oil or gas well, other natural deposit, or timber if: (1) in the case of a mine, an oil or gas well, or any other natural deposit, the mineral rights to the property to which the deduction relates belong to the United States; or (2) in the case of timber, it is located on land belonging to the United States.