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United States · Bill · HR

H.R. 215 (97th)

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.

openUnited States· United States Congress· EN

Introduced

5 January 1981

Last action

4 August 1981 · Committee

Status

See H.R.4242.

Sponsors

Rep. English, Glenn [D-OK-6], Rep. Mollohan, Robert H. [D-WV-1], Rep. Kazen, Abraham, Jr. [D-TX-23], Rep. Lowery, Bill [R-CA-41], Rep. Roberts, Clint [R-SD-2], Rep. Anthony, Beryl, Jr. [D-AR-4], Rep. Winn, Larry, Jr. [R-KS-3], Rep. Murphy, Austin J. [D-PA-22], Rep. Gingrich, Newt [R-GA-6], Rep. Kogovsek, Ray [D-CO-3], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Wylie, Chalmers P. [R-OH-15], Rep. Traxler, Bob [D-MI-8], Rep. Simon, Paul [D-IL-24], Rep. Williams, Pat [D-MT-1], Rep. Kindness, Thomas N. [R-OH-8], Rep. Wampler, William C. [R-VA-9], Rep. Daub, Hal [R-NE-2], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Stangeland, Arlan [R-MN-7], Rep. Roe, Robert A. [D-NJ-8], Rep. Synar, Mike [D-OK-2], Rep. Miller, Clarence E. [R-OH-10]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

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. 5 January 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 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

Sponsors

Related records

Sources

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