A bill to amend the Internal Revenue Code of 1954 to eliminate, in the case of any oil or gas well located outside the United States, the percentage depletion allowance and the option to deduct intangible drilling and development costs, and to deny a foreign tax credit with respect to the income derived from any such well.

Eliminates, in the case of any oil or gas well located outside the United States, the percentage depletion allowance and the option to deduct intangible drilling and development costs with respect to such wells under the Internal Revenue Code of 1954.

Denies a foreign tax credit with respect to the income, war profits, or excess profits tax paid or accrued from any such well.