A bill to amend the Internal Revenue Code of 1954 to increase the competitiveness of American Firms operating abroad and to help increase markets for United States exports.

Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country.

Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion.

Reduces the length of the residency requirement for the tax exclusion.

Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available.

Reduces the length of the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.