A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of oil and gas income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations on foreign oil-related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.…