A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.

Summary

Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence for residential purposes. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Provides for the termination of the credit for taxable years ending after December 31, 1985.

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

Timeline

1. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

2. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 28 January 1981

  Open at official source

Sponsors

• Rep. Minish, Joseph G. [D-NJ-11] · D · Sponsor
• · hswm00 · Standing

Related records

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