A bill to amend the Economic Recovery Tax Act of 1981 to repeal the special leasing provisions, to repeal the windfall profit tax royalty credit, the windfall profit tax exemptions, and the reduced windfall profit tax rate for newly discovered oil, to continue the treatment of certain telephone property of public utilities as 10-year property for purposes of the accelerated cost recovery system, and to amend the IRS Code of 1954 to limit the deduction of living expenses by Members of Congress and to eliminate the provision which allows such deduction without substantiation of such expense.

Summary

Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to repeal the special rules for the leasing of depreciable business property between corporations. Repeals provisions pertaining to the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil. Specifies that for purposes of the accelerated cost recovery system certain telephone property of public utilities shall be treated as ten-year property. Limits the amount of the tax deduction for Members of Congress of living expenses. Repeals the provision which permits such deduction without substantiation.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 March 1982

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 March 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 March 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 July 1982

   Committee

   See H.R.6685.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 3 March 1982

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Urgent Supplemental Appropriations Act, 1982