A bill to amend the Internal Revenue Code of 1954 to eliminate the percentage depletion allowance for oil and gas wells and oil shale, to deny the deduction for intangible drilling and development costs, and to disallow the foreign tax credit for taxes paid to a foreign country with respect to foreign mineral income derived from any oil or gas well.

Summary

Revises the Internal Revenue Code by eliminating the percentage depletion allowance for oil and gas wells and oil shale, by eliminating the deduction for intangible drilling and development costs, and by disallowing the foreign tax credit for taxes paid to a foreign country with respect to foreign mineral income derived from any oil or gas well.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 6 May 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.