A bill to amend the Internal Revenue Code of 1954 to increase the depletion allowance for oil and natural gas, and to allow percentage depletion for stripper well production of integrated producers.

Amends the Internal Revenue Code to increase the percentage depletion allowance for oil and gas wells from 15 percent to 27 1/2 percent.

Allows a percentage depletion allowance for stripper well oil and natural gas production of certain retailers and refiners.