A bill to amend the Internal Revenue Code of 1954 to terminate the percentage depletion method of computing the depletion deduction for oil and gas wells and oil shale, to deny the deduction of intangible drilling and development costs, to impose certain limitations on the foreign tax credit allowable to oil extracting or refining corporations, and to require the President to report annually the amount of revenue lost under provisions of such code permitting credits, deductions, or exclusions and to explain in such report the reason for the existence of such provisions.

Summary

Terminate, under the Internal Revenue Code, the percentage depletion method of computing the depletion deduction for oil and gas wells and oil shale. Eliminates the tax deduction for intangible drilling and development costs. Imposes limitations on the foreign tax credit allowable to oil extracting or refining corporations.

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• Introduced in Senate

  summary · EN · 1 February 1974

  Open at official source

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