A bill to amend the Internal Revenue Code of 1954 to deny percentage depletion in the case of foreign oil and gas wells to deny the deduction for intangible drilling and development costs in the case of such wells and to deny the foreign tax credit for taxes paid to foreign countries which are attributable to foreign oil related income.

Summary

Revises the Internal Revenue Code to eliminate the percentage depletion allowance and the option to deduct intangible drilling and development costs for any oil or gas well located outside the United States. Eliminates as a credit against the income tax any income, war profits, or excess profits tax paid during the taxable year to any foreign country with respect to foreign oil related income.

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

Timeline

No timeline events have been ingested for this record yet.

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 · 3 March 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.