A bill to amend the Internal Revenue Code of 1954 to eliminate, in the case of any oil or gas well located outside the United States, the percentage depletion allowance and the option to deduct intangible drilling and development cost, and to deny a foreign tax credit with respect to the income derived from any such well.

Summary

Disallows, under the Internal Revenue Code, percentage depletion deductions on foreign oil and gas wells, tax deductions for intangible drilling and development costs for foreign oil or gas wells, and tax credits for income, war profits, or excess profits tax paid or accrued which is attributable to income from foreign oil or gas wells. Allows a tax deduction for excess profits taxes imposed by foreign countries to the extent a credit is denied for such taxes.

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Timeline

1. 13 March 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 13 March 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 March 1974

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 13 March 1974

  Open at official source

Sponsors

• Rep. Vanik, Charles A. [D-OH-22] · D · Sponsor
• Rep. Ford, William D. [D-MI-13] · D · Cosponsor
• Rep. Abzug, Bella S. [D-NY-20] · D · Cosponsor
• Rep. Stratton, Samuel S. [D-NY-23] · D · Cosponsor
• Rep. Rosenthal, Benjamin S. [D-NY-8] · D · Cosponsor
• Rep. Stokes, Louis [D-OH-11] · D · Cosponsor
• Rep. Owens, Wayne [D-UT-2] · D · Cosponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to eliminate in the case of any oil or gas well located outside the United States, the percentage depletion allowance and the option to deduct intangible drilling and development costs, and to deny a foreign tax credit with respect to the income derived from any such well.