A bill to amend the Internal Revenue Code of 1954 to provide that the rate used in computing percentage depletion for oil and natural gas will continue to be 22 percent.

Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.