Foreign Tax Credit Conformity Act of 1983

Foreign Tax Credit Conformity Act of 1983 - Amends the Internal Revenue Code to allow a taxpayer to recapture domestic losses in subsequent years in which it has domestic income by recharacterizing the subsequent domestic income as foreign source income, to the extent domestic losses have served to reduce the foreign tax credit available to the taxpayer.

Extends the carryover period for excess foreign tax credits from five years to 15 years. Revises ordering rule provisions for foreign tax credits arising after 1981.