Energy Security Tax Act of 1987

Summary

Energy Security Tax Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of imports of: (1) crude oil; (2) refined petroleum products; and (3) petrochemical feedstocks or other derivatives. Sets the rate of such tax as the difference between $24 per barrel ($26.50 for petroleum and petrochemical products) and the most recently published average price of a barrel of internationally traded oil, as determined by the Secretary of the Treasury in accordance with a specified formula. Permits an income tax deduction for oil import tax payments. Repeals the windfall profit tax on domestic crude oil.

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1 official file

• Introduced in House

  summary · EN · 29 April 1987

  Open at official source

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