A bill to amend the Internal Revenue Code of 1954 to discourage investments by energy companies in fields not related to energy by imposing an excise tax on such investments, and to deny the foreign tax credit for taxes which are attributable to foreign oil and gas extraction income.

referredUnited States· United States Congress· EN

Introduced

10 April 1979

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to impose a 100 percent excise tax on investments made by energy corporations which are unrelated to energy. Denies the foreign income tax credit for taxes which are attributable to foreign oil and gas extraction income.

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Documents

1 official file

Introduced in House
summary · EN · 10 April 1979
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/house-bill/3625
Open data entity: https://api.congress.gov/v3/bill/96/hr/3625