A bill to amend the Internal Revenue Code of 1954 to provide that the windfall profit tax shall not apply to an amount of crude oil equal to the amount of residual fuel oil used in enhanced recovery processes.

Summary

Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to an amount of residual fuel oil used in enhanced recovery processes. Defines "enhanced recovery process" as any process: (1) for increasing the ultimate total recovery of oil from a reservoir which is designed to modify any property of any fluid in the reservoir or the reservoir rock; or (2) for displacing or controlling the flow rate or flow pattern in the reservoir.

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Timeline

1. 7 February 1984

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 7 February 1984

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 February 1984

   Introduced

   Introduced in House

   Source: IntroReferral

4. 22 March 1984

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

5. 3 October 1984

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 7 February 1984

  Open at official source

Sponsors

• Rep. Thomas, William M. [R-CA-20] · R · Sponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Sponsor
• Rep. Pashayan, Charles, Jr. [R-CA-17] · R · Sponsor
• Rep. McCandless, Alfred A. (Al) [R-CA-37] · R · Sponsor
• · hswm00 · Standing

Related records

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