Tax Equity Act

Tax Equity Act - Allows a tax credit, under the Internal Revenue Code, of $170 multiplied by the number of exemptions to which the taxpayer is entitled under the personal exemptions provisions.

Allows a tax credit for low-income workers equal to the applicable percentage of the social security taxes with respect to wages received.

Provides for an advanced refund of tax credits to low-income workers with families.

Eliminates the designation of a corporation as a Domestic International Sales Corporation (DISC) under the Internal Revenue Code.

Repeals the percentage depletion allowance for foreign oil and gas wells.

Repeals the deduction for intangible drilling and development expenses related to foreign oil and gas wells.

Reduces the amount allowable as a foreign tax on oil and gas wells for purposes of determining the credit for such tax.

Provides for separate application of the provisions relating to limitation of tax credits for foreign income, as they pertain to foreign oil-related income and other taxable income.

Sets forth a formula for recapture of foreign oil-related losses.

Extends the carrybacks from 1977, 1978, or 1979 of foreign taxes attributable to foreign oil-related income.

Phases out the percentage depletion allowance as of 1975, with specified exceptions for domestic production under 3,000 barrels a day, and for stripper wells.

Allows the 22-percent depletion for regulated and fixed-contract natural gas, with the exception of regulated natural gas where it exceeds a specified price. Allows the 22-percent depletion for geothermal energy.

Increases the minimum tax for tax preferences.