A bill to amend the Internal Revenue Code of 1954 to repeal certain restrictions on oil and gas tax benefits after transfer of property.

Amends the Internal Revenue Code to allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. (Present law disallows such a deduction after a transfer to a new owner.)

Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. (Present law disallows such an exemption after the transfer of a stripper well.)