; and (ii) by striking subsection (a) and (b) of section 245, and 250 and inserting and subsection (a) and (b) of section 245 . (D) Section 469(i)(3)(F)(iii) is amended by striking 222, and 250 and inserting and 222 . (c) Net CFC tested income determined without regard to high tax foreign income Section 951A(c)(2)(A)(i) of such Code is amended by redesignating subclauses (IV) and (V) as subclauses (V) and (VI), respectively, and by inserting after subclause (III) the following new subclause: (IV) any item of income subject to an effective rate of income tax imposed by a foreign country greater than the maximum rate of tax specified in section 11, . (d) Repeal of exclusion of foreign oil and gas extraction income from the determination of tested income Section 951A(c)(2)(A)(i) of such Code, as amended by subsection (c) is amended— (1) by adding and at the end of subclause (IV); (2) by striking and at the end of subclause (V) and inserting over ; and (3) by striking subclause (VI). (e) Increase in deemed paid credit for taxes properly attributable to tested income (1) In general Section 960(d) of such Code is amended by striking 80 percent of . (2) Conforming amendment Section 78 of such Code is amended by striking (determined without regard to the phrase “80 percent of” in subsection (d)(1) thereof) . (f) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2019, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end. (2) Repeal of reduced rate of tax