A bill to impose an excess profits tax on the income of corporations engaged in the production of petroleum and petroleum products for a limited period.

Summary

Amends the Internal Revenue Code to impose on the income of oil producing corporations a tax equal to 25 percent of the excess profits taxable income of such corporations during the three taxable years from the enactment date of this Act (emergency period). Provides for adjustments to corporate income for years in the emergency period for dividends, capital gains and losses, bond retirement or discharge income, or recovery of bad debts. Defines "excess profits taxable income" as taxable income reduced by the sum of the excess profits deduction and the energy plowback deduction for the taxable year. Specifies allowable amounts for the excess profits deduction. Permits energy plowback deductions for intangible drilling and development cost, construction or acquisition of depreciable assets used for oil exploration and refining, or secondary or tertiary recovery of oil or gas. Limits the amount of such deduction to 25 percent of the excess profits taxable income for the taxable year.

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Documents

1 official file

• Introduced in House

  summary · EN · 5 April 1979

  Open at official source

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