A bill to amend the Internal Revenue Code of 1954 to repeal the option to expense intangible drilling and development costs in the case of oil, gas, and geothermal wells, to repeal percentage depletion in the case of such wells, and to repeal certain benefits enacted by the Economic Recovery Tax Act of 1981 with respect to the windfall profit tax on domestic crude oil.

Amends the Internal Revenue Code to repeal the option to expense intangible drilling and development costs in the case of oil, gas, and geothermal wells. Repeals the percentage depletion allowance for such wells.

Repeals provisions of the windfall profit tax which: (1) exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.