A bill to amend the Internal Revenue Code of 1954 to repeal certain windfall profit tax changes enacted by the Economic Recovery Tax Act of 1981, to repeal the special treatment of horses under the accelerated cost recovery system enacted by such Act, and to repeal the special leasing rules enacted by such Act.

Amends the Economic Recovery Tax Act of 1981 to repeal the reduction in the windfall profit tax imposed on newly discovered oil and the tax exemption of independent producer stripper well oil.

Repeals the classification of race horses as three-year property, for purposes of the accelerated cost recovery system.

Repeals provisions of such Act which set forth rules for the leasing of depreciable business property between corporations.