A bill to amend the Internal Revenue Code of 1986 to provide that the deduction for State and local income and franchise taxes shall not be allocated to foreign source income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that, for purposes of computing the limitation on the foreign tax credit, any deduction for State or local income or franchise tax shall not be allocated or apportioned to gross income from sources outside the United States.…