Emergency Tax Adjustment Act

Emergency Tax Adjustment Act - Increases the percentage standard deduction under the Internal Revenue Code from 15 to 17 percent of adjusted gross income but not to exceed $2,500 ($1,250 in the case of a married individual filing separately).

Increases the low-income allowance from $1,300 to $1,800 ($900 in the case of a married individual filing separately).

Provides a tax credit of 2 percent of the amount of earned income received during the taxable year as does not exceed $14,100. Provides for an advance refund of such credit.

States that the deduction for intangible drilling and development costs and the foreign tax credits in the case of oil and gas wells located outside of the United States are discontinued.

Repeals the percentage depletion allowance in the case of oil and gas wells.