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United States · Bill · HR

H.R. 4128 (96th)

Oil Industry Tax Reform Act of 1979

referredUnited States· United States Congress· EN

Introduced

16 May 1979

Last action

16 May 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Vanik, Charles A. [D-OH-22], Rep. Drinan, Robert F. [D-MA-4], Rep. Guarini, Frank J. [D-NJ-14], Rep. Hollenbeck, Harold C. [R-NJ-9], Rep. Hughes, William J. [D-NJ-2], Rep. Maguire, Andrew [D-NJ-7], Rep. Miller, George [D-CA-11], Rep. Minish, Joseph G. [D-NJ-11], Rep. Mitchell, Parren J. [D-MD-7], Rep. Moakley, John Joseph [D-MA-9], Rep. Mottl, Ronald M. [D-OH-23], Rep. Murphy, Austin J. [D-PA-20], Rep. Pepper, Claude [D-FL-18], Rep. Rosenthal, Benjamin S. [D-NY-8], Rep. Sabo, Martin Olav [D-MN-5], Rep. Seiberling, John F. [D-OH-14], Rep. Studds, Gerry E. [D-MA-10], Rep. Weaver, James H. [D-OR-4], Rep. Harris, Herbert E., II [D-VA-8], Rep. Stokes, Louis [D-OH-11], Rep. Stack, Edward J. [D-FL-12]

Subjects

Taxation

Source updated

2 September 2025

Taxation

Official sourceView documentsShare

Summary

Oil Industry Tax Reform Act of 1979 - Amends the Internal Revenue Code to repeal the percentage depletion allowance for independent oil and gas producers and royalty owners. Repeals the tax treatment of intangible drilling and development costs for oil and gas wells (except nonproductive wells) as currently deductible expenses. Requires such costs to be capitalized and amortized over a 168 month period. Disallows an income tax credit for foreign taxes paid by domestic corporations on foreign oil related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 16 May 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 16 May 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 16 May 1979

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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