A bill to repeal the provisions enacted in the Economic Recovery Tax Act of 1981 which extended the credit against the windfall profit tax on domestic crude oil for royalty owners, which reduced the rate of such tax on newly discovered oil, and which exempted from such tax independent producer stripper well oil.

Summary

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 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 such repeal shall not apply to provisions for the coordination of the prior law royalty credit with estimated tax rules.

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

Timeline

1. 5 May 1982

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 May 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 May 1982

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 5 May 1982

  Open at official source

Sponsors

• Rep. Leach, James A. [R-IA-1] · R · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.