A bill to deny a credit or deduction for taxes paid or accrued on income attributable to oil and gas wells located in countries restricting exports of oil and gas to the United States, and to treat the taxes so paid or accrued as royalty payments.

[AI summary unavailable — showing source text] Denies, under the Internal Revenue Code, a tax credit or deduction for taxes paid or accrued on income attributable to oil and gas wells located in countries restricting exports of oil and gas to the United States. Provides that the taxes so paid or accrued shall be treated as royalty payments. (Amends 26 U.S.C. 905)…