A bill to amend the Internal Revenue Code of 1954 to discourage investments by energy companies in fields not related to energy by imposing an excise tax on such investments, and to deny the foreign tax credit for taxes which are attributable to foreign oil and gas extraction income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose a 100 percent excise tax on investments made by energy corporations which are unrelated to energy. Denies the foreign income tax credit for taxes which are attributable to foreign oil and gas extraction income.…