A bill to impose an excess profits tax on the income of corporations engaged in the production of oil products for a limited period in order to establish a fund for the research, development, and exploration of new energy resources.

Summary

Imposes, under the Internal Revenue Code, on the income of every corporation engaged in the production of oil and oil products, a tax equal to 37 percent of the excess profits taxable income for each taxable year which begins or ends during the energy emergency period as defined by this Act. Provides that revenues from the tax imposed by this Act shall be appropriated only for programs to advance the research, development, and exploration of new energy sources as promulgated and directed by the Director of the Federal Energy Office.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 December 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 14 December 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 December 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 14 December 1973

  Open at official source

Sponsors

• Rep. Gilman, Benjamin A. [R-NY-26] · R · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.