A bill to amend the Internal Revenue Code of 1954 to defer certain individual and windfall profit tax reductions until the Federal budget is balanced.

Summary

Defers until the first calendar year after a fiscal year in which the Federal budget is balanced, the following provisions enacted by the Economic Recovery Tax Act of 1981: (1) individual and estate and trust income tax reductions applicable to taxable years beginning with 1982; (2) indexing of tax tables; (3) the 1985 increase in the exemption from the windfall profit tax of royalty oil; (4) the reduction in the tax on newly discovered oil; and (5) the exemption of independent producer stripper well oil.

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Documents

1 official file

• Introduced in House

  summary · EN · 18 September 1981

  Open at official source

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