Emergency Windfall Profits Tax Act

Summary

Emergency Windfall Profits Tax Act - Imposes a windfall profits tax on the producer of crude oil produced in the United States. Provides a table for the computation of this tax in the first calendar month in which the tax is imposed and a formula for determining the tax on windfall profits for each succeeding month. Directs the Secretary of the Treasury or his delegate to publish in the Federal Register within 15 days after the effective date of this Act tables with brackets computed in accordance with this Act for each month the tax is imposed. Declares that the producer subject to the windfall profits tax shall incur liability for the tax on the date that the unit of crude oil is deemed to be sold. Provides for the collection and the remittance of a windfall profit tax. States that each tax return relating to emergency windfall profits tax shall be filed on or before the 15th day following the close of the calendar month to which the return relates.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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