Transit Commuter Credit Act of 1998

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Credit for Public Transportation Commuting Expenses Title II: Modification to Treatment of Foreign Oil and Gas Income Title III: Limitations on Payments Under Defense Contracts Title IV: Repeal of Certain Incentives for Oil and Gas Exploration and Development and for Mining Title V: Repeal of Exclusion for Citizens or Residents of United States Living Abroad Transit Commuter Credit Act of 1998 - Title I: Credit for Public Transportation Commuting Expenses - Amends the Internal Revenue Code to provide a credit for 20 percent ($150 maximum) of an individual's employment or education related public transportation commuting expenses. Title II: Modifications to Treatment of Foreign Oil and Gas Income - Treats certain taxes paid or accrued to a foreign country with respect to foreign oil and gas income as not creditable for purposes of the foreign tax credit. Treats foreign oil and gas extraction income, and foreign oil related income as separate income categories. Eliminates such categories' exclusion from income for specified purposes. (Changes references to foreign base company oil related income to foreign oil and gas income.) Title III: Limitations on Pay…