A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of oil and gas income.

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.