A bill to amend the Internal Revenue Code of 1954 to provide that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country.

Provides that the credit for foreign taxes presently allowed under the Internal Revenue Code shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country. States that this provision shall not apply where contrary to a treaty ratified after the date of enactment of this Act.