A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of royalty owners under the crude oil windfall profit tax.

Summary

Amends the Internal Revenue Code to exempt ten barrels per day, per quarter, of royalty owner oil production from the windfall profit tax. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.

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

Timeline

1. 22 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 August 1981

   Committee

   See H.R.4242.

   Source: Committee

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 · 22 January 1981

  Open at official source

Sponsors

• Rep. Stenholm, Charles W. [D-TX-17] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of royalty owners under the crude oil windfall profit tax.
• related to ← Economic Recovery Tax Act of 1981