The American Energy Independence and Tax Fairness Act aims to update the tax code to better account for income generated from foreign oil and gas extraction, as well as from oil shale and tar sands. The main objectives are to ensure that income from these sources is included in certain tax calculations and to clarify tax rules for specific taxpayers. One of the key provisions of the Act is the inclusion of foreign oil and gas extraction income in the net income calculations for Controlled Foreign Corporations (CFCs).