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EMD-80-86 1 (1980-09-10)

handle is hein.gao/gaobabazu0001 and id is 1 raw text is: .37 T E .... ..... ....I ... .. .... 72{KYTV FR H ELRAL Report To The Congress C-) F 11f LJN I ED S [Al _______________ The Foreign Tax Credit And U.S. Energy Policy The foreign tax credit is not an effective tool for shaping U.S. energy policy. GAO reached this conclusion after examining whether the tax credit hinders, promotes., or does rot af4 fect the goals of reducing U.S. oil imports and diversifying the sources of imported oil, Eliminating or severely curtailing the foreign tax credit would increase the effective rate of: taxation on U.S oil companies operating abroad, and thereby may reduce the competi- tive stance of U,S, companies' foreign opera. tions. It ('uuld possibly reduce exploration and development efforts sornewhat. However, the magnitude of these potential ef. fects does riot appear to be great enough to substantially reduce the ability of U.., corn. panies to operate abroad or to fundamentally change the locus of oil company activity over- seas, Therefore, any change in the foreign lax credit shoulid be based on tax rathe an er' ergy policy objectives. U .......t ll U111 !ll!/!l/ II Atl/l/l 113256 EMD-80-86 SEPTEMBER 10, 1980

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