American Energy Independence and Tax Fairness Act

This bill changes federal tax rules for U.S. companies that earn income from oil and gas extraction in other countries. It removes the exclusion of foreign oil and gas extraction income from a category of foreign subsidiary income (net CFC tested income) that U.S. shareholders must count for tax purposes. It adds income from extracting minerals from oil shale and tar sands to the tax code's definitions of foreign oil and gas extraction income and foreign oil related income. It also limits when payments made to a foreign government by companies that receive a specific economic benefit from that government (called dual capacity taxpayers) can be treated as taxes for the foreign tax credit.

Full text and official record on Congress.gov

Sponsors

• Martin Heinrich Democrat sponsor
• 0 cosponsors