of an integrated oil company, the amount allowable as a deduction for any taxable year (determined without regard to this section) under section 263(c) shall be reduced by 30 percent. , (C) in paragraph (2), by striking or 617(a) (as the case may be) , and (D) in paragraph (3), by striking or 617(a) (whichever is appropriate) . (7) Section 312(n), as amended by section 128(b)(7), is amended by striking paragraph (2) and inserting the following: (2) Intangible drilling costs Any amount allowable as a deduction under section 263(c) in determining taxable income (other than costs incurred in connection with a nonproductive well)— (A) shall be capitalized, and (B) shall be allowed as a deduction ratably over the 60-month period beginning with the month in which such amount was paid or incurred. . (8) Section 703(b) of such Code is amended— (A) in paragraph (1), by adding or at the end, (B) by striking paragraph (2), and (C) by redesignating paragraph (3) as paragraph (2). (9) Section 751(c) of such Code is amended— (A) by inserting , as in effect on the day before the date of the enactment of the End Polluter Welfare Act of 2020 after section 617(f)(2) , and (B) by striking 617(d)(1), . (10) Section 1254(a)(1)(A)(i) of such Code, as amended by section 128(b)(10), is amended by striking or 617 . (11) Paragraph (2) of section 1363(c) of such Code is amended to read as follows: (2) Exception In the case of an S corporation, elections under section 901 (relating to taxes of foreign countries and possessions of the United States) shall be made by each shareholder separately. . (c) Effective date The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this Act. 130. Amortization of intangible drilling and development costs in the case of oil and gas wells and geothermal wells (a) In general Subsection (c) of section 263 of the Internal Revenue Code of 1986 is amended to read as follows: (c) Intangible drilling and development costs in