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United States · Bill · HR

H.R. 3914 (97th)

A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of oil and gas income.

referredUnited States· United States Congress· EN

Introduced

11 June 1981

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

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Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations on foreign oil-related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.

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Documents

1 official file

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