American Energy Independence and Tax Fairness Act amends tax code to include foreign oil and gas extraction income in net CFC tested income and to.

The American Energy Independence and Tax Fairness Act amends the Internal Revenue Code to include foreign oil and gas extraction income in net Controlled Foreign Corporation (CFC) tested income. It also expands the definitions of foreign oil and gas extraction income and foreign oil related income to include income from the extraction of minerals from oil shale and tar sands. The changes apply to taxable years of foreign corporations beginning after the date of enactment and to taxable years of United States shareholders in which or with which such tax years of foreign corporations end.

American Energy Independence and Tax Fairness Act amends tax code to include foreign oil and gas extraction income in net CFC tested income and to.

The American Energy Independence and Tax Fairness Act amends the Internal Revenue Code to include foreign oil and gas extraction income in net Controlled Foreign Corporation (CFC) tested income. It also expands the definitions of foreign oil and gas extraction income and foreign oil related income to include income from the extraction of minerals from oil shale and tar sands. The changes apply to taxable years of foreign corporations beginning after the date of enactment and to taxable years of United States shareholders in which or with which such tax years of foreign corporations end.