HR 12758 · 93th Congress · Petroleum industry

A bill to amend the Internal Revenue Code of 1954 to provide that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country, and to eliminate the percentage depletion allowance in the case of any such well.

Introduced 1974-02-07· Sponsored by Rep. Tiernan, Robert O. [D-RI-2]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1974-02-07)

Plain Language Summary

[AI summary unavailable — showing source text] Requires, under the Internal Revenue Code of 1954, that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country. Eliminates the percentage depletion allowance in the case of any such well presently authorized under such Code.…

Summarized by Claude AI · Non-partisan · For informational purposes only