Petroleum Producers Burden Sharing Act of 1990

Summary

Petroleum Producers Burden Sharing Act of 1990 - Amends the Internal Revenue Code to reinstate the windfall profit tax on domestic crude oil. Terminates such tax: (1) after the expiration of the first four calendar quarters beginning after the date of enactment of this section; or (2) after the expiration of the first six such calendar quarters, if the President determines that a continuing energy price crises exists. Establishes the Low Income Energy Support Trust Fund to fund the grant program under the Low-Income Home Energy Assistance Act of 1981 and the weatherization program under the Energy Conservation in Existing Buildings Act of 1976. Transfers to such Fund 33 percent of the taxes received from the windfall profit tax on domestic crude oil.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 27 September 1990

  Open at official source

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