Companies with foreign oil and gas profits would face new tax rules, including for oil shale and tar sands.
This bill would change how U.S. companies calculate taxes on their foreign oil and gas profits. It would include more types of income, like from oil shale and tar sands, and set new rules for companies that get special benefits from foreign governments. These changes could mean different tax outcomes for these companies and their U.S. shareholders.
Today, foreign oil and gas extraction income is generally excluded from net CFC tested income, and income from oil shale and tar sands is not explicitly defined as foreign oil and gas income. This bill would include foreign oil and gas extraction income in net CFC tested income and expand definitions to cover oil shale and tar sands. It would also add new rules for foreign tax credits for companies that receive specific economic benefits from foreign governments.
S 5350 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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