Responsible Revenue Act of 1981

Summary

Responsible Revenue Act of 1981 - Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981; (2) exempt royalty oil for 1982 and thereafter; and (3) reduce the tax imposed on newly discovered oil. Repeals provisions setting forth special rules for the leasing of depreciable business property between corporations. Amends the Internal Revenue Code to repeal the percentage depletion allowable for independent oil and gas producers and royalty owners. Repeals the tax treatment of intangible drilling and development costs for oil and gas wells as currently deductible expenses. Requires such costs to be capitalized and amortized over a five year period. Denies the foreign tax credit for foreign oil and gas extraction taxes. Treats income from the extraction of foreign oil and gas, for purposes of the limitation on such credit, as income from sources within the United States. Allows a deduction for such taxes. Repeals the exemption from taxation of a domestic international sales corporation (DISC). Terminates DISC status for any corporation for taxable years beginning after December 31, 1980. Includes in the gross income of a U.S. shareholder of a controlled foreign corporation, with specified exceptions, the taxpayer's pro rata share of the corporation's undistributed profits for the taxable year. Terminates the inclusion of certain amounts in the gross income of such a shareholder with respect to taxable years beginning after December 31, 1980.

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1 official file

• Introduced in House

  summary · EN · 5 October 1981

  Open at official source

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