A bill to amend the Internal Revenue Code of 1986 to include foreign oil and gas extraction income in net CFC tested income, to include income from the extraction of minerals from oil shale and tar sands in the definitions of foreign oil and gas extraction income and foreign oil related income, and for other purposes.
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Summary
Based on the bill's title, this measure would amend the Internal Revenue Code to modify how foreign oil and gas extraction income is taxed for U.S. corporations with controlled foreign subsidiaries. Specifically, it would include foreign oil and gas extraction income in the calculation of net tested income for these entities, and expand the definition of 'foreign oil and gas extraction income' to encompass income from extracting minerals from oil shale and tar sands. The bill's full text was not available for review.
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