Provides for: (1) the treatment of natural gas gathering lines as 7-year property; (2) the temporary suspension of the limitation based on 65 percent of taxable income and the extension of suspension of taxable income limit with respect to marginal production; (3) the election to expense geological and geophysical expenditures for oil and gas wells; (4) a five-year net operating loss carryback for losses attributable to operating mineral interests of oil and gas producers.