A bill to amend the Internal Revenue Code of 1954 to provide that the option of deducting intangible drilling and development costs will not be available to integrated oil companies.

Amends the Internal Revenue Code to preclude integrated oil companies from electing to expense intangible drilling and development costs. Defines "integrated oil company" to be a retailer or refiner of crude oil as defined under the Internal Revenue Code for purposes of the depletion deduction.