A bill to amend the Internal Revenue Code of 1954 to deny certain benefits to taxpayers who participate in or cooperate with the boycott of Israel.

[AI summary unavailable — showing source text] Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.…