A bill to repeal the foreign tax credit allowed corporations.

Repeals the allowance of a tax credit under the Internal Revenue Code to corporations for taxes paid to foreign countries or to possessions of the United States.

Repeals the allowance of a tax credit to members of partnerships or beneficiaries of trusts or estates for taxes paid or accrued to foreign countries or possessions of the United States.

Disallows the treatment of taxes paid by foreign corporations as a dividend received by a domestic corporation from the foreign corporation.

Prohibits the use by a corporation of income, war profits, and excess profits taxes as deductions in determining taxable income.

Removes the tax credit for taxes imposed by foreign countries or possessions of the United States on domestic insurance companies.

Removes the tax credit presently available to corporate stockholders in foreign corporations for income, war profits, or excess profits taxes paid to any foreign country or possession of the United States.

Disallows the tax credit presently granted to foreign corporations engaged in a trade or business within the United States for taxes paid to any foreign country or possession of the United States.

Removes the tax credit presently granted to domestic corporations for taxes paid by foreign corporations of which at least 10 percent of the voting stock is owned by such domestic corporation.