A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of oil and gas income.
Oil Industry Tax Reform Act of 1981 - 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.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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