To amend the Internal Revenue Code of 1986 with respect to the treatment of foreign oil and gas income.

Summary

Amends the Internal Revenue Code to revise the special rules for tax treatment of foreign oil and gas income with respect to credit for taxes paid to a foreign country. Declares that income, war profits, and excess profits taxes does not include taxes paid to a foreign country with respect to foreign oil and gas income and which are not imposed under a generally applicable income tax law of such country. Separates the application of certain foreign tax credit rules for foreign oil and gas extraction income and for foreign oil related income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 April 1991

   Introduced

   Introduced in House

   Source: IntroReferral

2. 9 April 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 9 April 1991

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 April 1991

  Open at official source

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Sponsors

• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Cosponsor
• Rep. Hertel, Dennis M. [D-MI-14] · D · Cosponsor
• Rep. Poshard, Glenn [D-IL-22] · D · Cosponsor
• Rep. Jontz, Jim [D-IN-5] · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Lancaster, H. Martin [D-NC-3] · D · Cosponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Cosponsor
• Rep. Evans, Lane [D-IL-17] · D · Cosponsor
• Del. Faleomavaega, Eni F. H. [D-AS-At Large] · D · Cosponsor
• · hswm00 · Standing

Related records

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