A bill to amend the Internal Revenue Code of 1954 to terminate the foreign tax credit for taxes paid or accrued in taxable years beginning after December 31, 1974.

[AI summary unavailable — showing source text] Revises the Internal Revenue Code to terminate the foreing tax credit for any amounts paid or accrued as income, war profits, or excess profits taxes for taxable years beginning after December 31, 1974.…