A bill to amend the Internal Revenue Code of 1954 to provide that the windfall profit tax shall not apply to an amount of crude oil equal to the amount of residual fuel oil used in enhanced recovery processes.

referredUnited States· United States Congress· EN

Introduced

25 February 1985

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to an amount of residual fuel oil used in enhanced recovery processes. Defines "enhanced recovery process" as any process: (1) for increasing the ultimate total recovery of oil from a reservoir which is designed to modify any property of any fluid in the reservoir or the reservoir rock; or (2) for displacing or controlling the flow rate or flow pattern in the reservoir.

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Documents

1 official file

Introduced in House
summary · EN · 25 February 1985
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/99th-congress/house-bill/1258
Open data entity: https://api.congress.gov/v3/bill/99/hr/1258