A bill to amend the Internal Revenue Code of 1954 to repeal the crude oil windfall profit tax on tier 2 oil and tier 3 oil, to phaseout the tax beginning October 1, 1981, and to provide that royalty owners shall be exempt from the tax.

referredUnited States· United States Congress· EN

Introduced

9 July 1981

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to exempt tier 2 oil or tier 3 oil from the windfall profit tax. Advances the beginning of the phaseout of the tax to October, 1981. Exempts from the tax any domestic crude oil owned through a royalty interest.

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Documents

1 official file

Introduced in House
summary · EN · 9 July 1981
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/house-bill/4087
Open data entity: https://api.congress.gov/v3/bill/97/hr/4087