A bill to amend the Internal Revenue Code of 1954 to provide that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country, and to eliminate the percentage depletion allowance in the case of any such well.

referredUnited States· United States Congress· EN

Introduced

7 February 1974

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Requires, under the Internal Revenue Code of 1954, that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country. Eliminates the percentage depletion allowance in the case of any such well presently authorized under such Code.

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Documents

1 official file

Introduced in House
summary · EN · 7 February 1974
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/house-bill/12758
Open data entity: https://api.congress.gov/v3/bill/93/hr/12758