A bill to provide a tax credit for expenditures made in the exploration and development of new reserves of oil and gas in the United States.

Allows as a credit against the income tax under the Internal Revenue Code an amount equal to 10 percent of the amount of expenditures paid or incurred by the taxpayer during the taxable year for: (1) intangible drilling and development costs with respect to domestic exploratory oil and gas wells; (2) domestic geological and geophysical costs; or (3) secondary or tertiary processes with respect to domestic oil and gas wells.