A bill to amend the Internal Revenue Code of 1954 relating to the application of the foreign tax credit to taxpayers engaged in the extraction, production, or refining of oil or gas in foreign countries.

Excludes fixed per unit charges and normal business expenses from the application of the foreign tax credit under the Internal Revenue Code with respect to taxpayers engaged in the extraction, production, or refining of oil or gas in foreign countries.

Provides that taxes paid or accrued to a foreign country by such taxpayers in excess of the income tax imposed under the Internal Revenue Code shall not be counted as credit against income taxes.

Provides that taxes paid as a part of the general income tax imposed by a foreign country shall not be counted as credit against Federal income taxes with respect to such taxpayers.