A bill to amend the Internal Revenue Code of 1986 to include foreign oil and gas extraction income in net CFC tested income, to include income from the extraction of minerals from oil shale and tar sands in the definitions of foreign oil and gas extraction income and foreign oil related income, and for other purposes.

This bill would change the tax code to treat income that foreign companies earn from extracting oil and gas overseas as a type of income that gets tested under certain corporate tax rules. It would also expand the definition of foreign oil and gas income to cover minerals taken from oil shale and tar sands. No official summary is available for this bill.

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