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United States · Bill · HR

H.R. 3901 (96th)

A bill to provide that the proceeds of any windfall profits tax on domestic oil production shall be used to reduce the national debt.

referredUnited States· United States Congress· EN

Introduced

2 May 1979

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Establishes the Public Debt Retirement Trust Fund in the Treasury of the United States. Appropriates to the Trust Fund amounts received in the Treasury equivalent to any windfall profit taxes imposed on domestic crude oil production. Stipulates that such amounts shall be transferred at least monthly from the general fund of the Treasury to the Trust Fund. Requires that the amounts in the Trust Fund be used only for the payment, purchase, or redemption of any obligations included in the public debt. Stipulates that all such obligations shall be canceled and retired and shall not be reissued.

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Documents

1 official file

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Sources

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