A bill to deny the foreign tax credit on foreign oil related income.

Summary

Amends the Internal Revenue Code to deny the foreign tax credit for foreign oil related income. Defines "foreign oil related income" as income derived from sources outside the United States from: (1) the extraction of minerals from oil or gas wells; (2) the processing of such minerals into their primary products; (3) the transportation and sale of such minerals or primary products; or (4) the sale or exchange of assets used in energy related businesses. Denies credit carryovers and net operating loss carrybacks with respect to foreign oil related income.

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Timeline

1. 7 April 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 7 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 7 April 1981

  Open at official source

Sponsors

• Rep. Solomon, Gerald B. H. [R-NY-24] · R · Sponsor
• · hswm00 · Standing

Related records

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