,,ii  #aai? ,,congress  #b;d ,session   
,s4 #ecej  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #f1 #bjbf,mr4   
,he9ri* introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to include =eign  
oil & gas extraction income 9 net ,,cfc 
te/$ income1 to include income f !      
extraction ( m9]als f oil %ale & t> s&s 
9 ! def9itions ( =eign oil & gas        
extraction income & =eign oil relat$    
income1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,am]ican
 ,en]gy ,indep5d5ce & ,tax ,fairness    
,act4  #b4 ,=eign oil & gas extraction  
income includ$ 9 net ,,cfc te/$ income  
7a7 ,9 g5]al ,section                   
#iea;,a7b77#b77;,a77i7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 & at ! end ( subclause 7,,iii71 by     
/rik+ & at ! end ( subclause 7,,iv7 &   
ins]t+ ov]1 & by /rik+ subclause 7,v74  
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s (

 =eign corporations beg9n+ aft] ! date (
 ! enactm5t ( ?is ,act1 & to taxable    
ye>s ( ,unit$ ,/ates %>ehold]s 9 :i* or 
) :i* su* tax ye>s ( =eign corporations 
end4  #c4 ,=eign oil & gas extraction   
income & =eign oil relat$ income to     
include oil %ale & t> s&s  7a7 ,9 g5]al 
,p>agraphs 7#a77;,a7 & 7#b77;,a7 (      
section #ijg7;c7 ( ! ,int]nal ,rev5ue   
,code ( #aihf are ea* am5d$ by ins]t+   
7or oil %ale or t> s&s7 aft] oil or gas 
wells4  7b7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  #d4 ,modifications
 ( =eign tax cr$it rules applicable to  
c]ta9 taxpay]s receiv+ specific economic
 b5efits  7a7 ,9 g5]al ,section #ija ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by r$esignat+ subsection 7n7 z         
subsection 7o7 & by ins]t+ aft]         
subsection 7m7 ! foll[+ new subsection3 
7n7 ,special rules relat+ to dual       
capacity taxpay]s  7#a7 ,g5]al rule     
,not)/&+ any o!r provision ( ?is *apt]1 

any am\nt paid or accru$ by a dual      
capacity taxpay] to a =eign c\ntry or   
possession ( ! ,unit$ ,/ates = any p]iod
 ) respect to comb9$ =eign oil & gas    
income 7z def9$ 9 section #ijg7;b77#a77 
%all n be consid]$ a tax-- 7,a7 if1 =   
su* p]iod1 ! =eign c\ntry or possession 
does n impose a g5]ally applicable      
income tax1 or  7,b7 to ! ext5t su*     
am\nt exce$s ! am\nt :i* w\ld be paid or
 accru$ by su* dual capacity taxpay] "u 
! g5]ally applicable income tax impos$  
by su* c\ntry or possession if su*      
taxpay] 7 n a dual capacity taxpay]4    
,no?+ 9 ?is p>agraph %all be con/ru$ to 
imply ! prop] treatm5t ( any su* am\nt n
 9 excess ( ! am\nt det]m9$ "u          
subp>agraph 7,b74  7#b7 ,dual capacity  
taxpay] ,= purposes ( ?is subsection1 ! 
t]m dual capacity taxpay] means1 )      
respect to any =eign c\ntry or          
possession ( ! ,unit$ ,/ates1 a p]son   
:o-- 7,a7 is subject to a levy ( su*    
c\ntry or possession1 &  7,b7 receives  
7or w receive7 directly or indirectly a 

specific economic b5efit f su* c\ntry or
 possession 7or any political           
subdivision1 ag5cy1 or in/rum5tality    
!re(74  7#c7 ,g5]ally applicable income 
tax ,= purposes ( ?is subsection1 ! t]m 
g5]ally applicable income tax means an  
income tax 7or a s]ies ( income taxes7  
:i* is g5]ally impos$ "u ! laws ( a     
=eign c\ntry or possession ( ! ,unit$   
,/ates on resid5ts ( su* =eign c\ntry or
 possession t are n dual capacity       
taxpay]s4  4  7b7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 
to taxable ye>s ( =eign corporations    
beg9n+ aft] ,decemb] #ca1 #bjbf1 & to   
taxable ye>s ( ,unit$ ,/ates %>ehold]s 9
 :i* or ) :i* su* taxable ye>s ( =eign  
corporations end4