To amend the Internal Revenue Code of 1986 to apply the look-thru rules for purposes of the foreign tax credit limitation to dividends from foreign corporations not controlled by a domestic corporation.

H.R. 666 is a bill designed to simplify how American companies are taxed on income earned from foreign businesses in which they own a significant stake but do not have majority control. It changes the "look-thru" rules, allowing these companies to treat dividends from foreign partners similarly to income from their own overseas branches for the purpose of claiming foreign tax credits. For the average citizen, this technical change aims to reduce double taxation on U.S. businesses operating internationally, potentially making it easier for domestic companies to compete in global markets and manage their international investments.