Transit Commuter Credit Act of 2000

[AI summary unavailable — showing source text] Transit Commuter Credit Act of 2000 - 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 Payments Under Defense Contracts - Prohibits use of Department of Defense funds to pay restructuring costs associated with the merger or acquisition of a Department contractor. Amends the National Defense Authorization Act for Fiscal Year 1995 to extend a specified annual contractor restructuring reporting requirement. Sets forth additional information requirements for such report and a re…