A bill to amend the Internal Revenue Code of 1954 to deny percentage depletion in the case of foreign oil and gas wells to deny the deduction for intangible drilling and development costs in the case of such wells and to deny the foreign tax credit for taxes paid to foreign countries which are attributable to foreign oil related income.

Revises the Internal Revenue Code to eliminate the percentage depletion allowance and the option to deduct intangible drilling and development costs for any oil or gas well located outside the United States.

Eliminates as a credit against the income tax any income, war profits, or excess profits tax paid during the taxable year to any foreign country with respect to foreign oil related income.