A bill to assist the States in raising revenues by making more uniform the incidence and rate of tax imposed by States on the severance of minerals, and to impose a countervailing duty on imported minerals.

Summary

Imposes, under the Internal Revenue Code, on the severance of minerals from a mineral property located within the United States an excise tax equal to ten percent of the gross income from the property during the taxable period. Provides such tax shall be paid by the person who holds the working interest in the mineral property. Provides that a taxpayer may credit against the tax imposed by this Act with respect to any mineral property the amount of severance taxes paid by him to any State or political subdivision as severance taxes with respect to such mineral property. Imposes a countervailing duty under the Tariff Laws on imported minerals which shall be equal to the severance tax imposed by this Act. Specifies exemptions for specified manufactured products and for minerals excluded from the Act by the President. (adds 26 U.S.C. 4951-54; amends 19 U.S.C. 1303)

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1 official file

• Introduced in House

  summary · EN · 7 March 1973

  Open at official source

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