Crude Oil Tax Act of 1979

Summary

Crude Oil Tax Act of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil (other than Alaskan oil produced from a well north of the Arctic Circle) an excise tax on taxable crude oil removed from the premises during each taxable period. Sets the amount of such tax, with respect to any barrel of taxable crude oil, at the excess of the average removal price for such oil over the adjusted base price for such oil. Specifies base prices for three tiers or types of crude oil subject to the June 1979 energy regulations. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that the tax returns with respect to the excise tax imposed by this Act shall be filed not later than the last day of the second month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the base price and the adjusted base price with respect to such oil; (3) the amount of such taxpayer's liability for the tax; and (4) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; (3) each partner's or beneficiary's share from the sale of crude oil; and (4) other information which the Secretary may require.

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1 official file

• Introduced in House

  summary · EN · 24 May 1979

  Open at official source

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