A bill to amend the Internal Revenue Code of 1954 to exempt from the windfall profits tax crude oil from certain royalty interests.

Summary

Amends the Internal Revenue Code to exempt crude oil under a qualified royalty interest from the the windfall profit tax. Defines "qualified royalty interest" to mean an economic interest other attributable to ownership of the property from which the oil is produced.

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

Timeline

1. 25 February 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 25 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 February 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 · 25 February 1981

  Open at official source

Sponsors

• Rep. Watkins, Wes [D-OK-3] · D · Sponsor
• Rep. Hightower, Jack E. [D-TX-13] · D · Sponsor
• Rep. Glickman, Dan [D-KS-4] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Economic Recovery Tax Act of 1981