Foreign oil and gas extraction income included in net CFC tested income

(a) In general Section 951A(b)(2)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting and at the end of subclause (III), by striking and at the end of subclause (IV) and inserting over, and by striking subclause (V). (b) Effective date The amendments made by this section shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act, and to taxable years of United States shareholders in which or with which such tax years of foreign corporations end.