A bill to amend the Internal Revenue Code of 1954 to relieve international double taxation of overseas construction projects of United States contractors.

Amends the Internal Revenue Code to allow, at the election of the taxpayer, an income tax deduction for foreign income, war profits, and excess profits taxes paid in connection with construction contract services rendered in the United States which are directly related to a construction project located in a foreign country.

Requires that any amounts taken for such deduction shall not be taken into account for purposes of the foreign tax credit.