A bill to amend the Internal Revenue Code of 1954 to make permanent the 22 percent rate of percentage depletion for independent producers and royalty owners.

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.