A bill to impose an excess profits tax for a temporary period on the income of major corporations engaged in the production or distribution of oil or natural gas.

Summary

Imposes on the income of every major corporation engaged in the production or distribution of oil or natural gas, for each taxable year which ends or begins during the energy emergency period, a tax equal to 85 percent of the excess profits taxable income of such corporation for such taxable year. Defines "major corporation," "excess profits taxable income," and "energy emergency period." Prescribes the computation method for excess profits deduction.

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

Timeline

1. 4 February 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 4 February 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 February 1974

   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 · 4 February 1974

  Open at official source

Sponsors

• Rep. Tiernan, Robert O. [D-RI-2] · D · Sponsor
• · hswm00 · Standing

Related records

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