Foreign Petroleum Income Tax Act

[AI summary unavailable — showing source text] Foreign Petroleum Income Tax Act - Imposes an 80 percent income tax on excess petroleum profits income. Sets forth the definition of the term excess petroleum profits income. States that the provisions of this Act shall apply for any taxable year to any domestic corporation which has petroleum profits income from sources without the United States in an amount equal to, or in excess of, 20 percent of its total petroleum profits income for the taxable year. Authorizes the Secretary of the Treasury to prescribe such regulations as may be necessary to carry out the provisions of this Act. Provides that the provisions of this Act do not apply to any part of the taxable income of a corporation for the taxable year which is excess petroleum profits income of that corporation for the taxable year. Directs the Secretary of the Treasury or his delegate to, as soon as practicable but in any event not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives a draft of any technical and conforming changes in the Internal Revenue Code of 1954 which are necessary to reflect throughout such Code changes in the substan…