National Crude Oil Profit-Sharing Act of 1982

Summary

National Crude Oil Profit-Sharing Act of 1982 - Title I: National Crude Oil Profit-Sharing Tax - Amends the Internal Revenue Code to impose a severance tax on crude oil. Sets the rate of such tax at 30 percent of the removal price of such oil. Defines "removal price" as the amount for which the taxable crude oil is sold. Requires withholding of such tax by the first purchaser. Exempts from such tax any oil produced by a qualified charitable interest. Establishes in the Treasury an Energy and Economic Development Trust Fund (Trust Fund). Allocates to such trust fund 25 percent of the revenues raised by such severance tax. Title II: State Energy and Economic Development Block Grant Program - Authorizes the Secretary of the Treasury to make block grants out of such trust fund to the States for energy and economic development. Provides that 50 percent of such grants shall be alloted to the States for energy and 50 percent for economic development. Sets forth rules for determining the amount allocable to each State. Sets forth application and State public hearing requirements. Requires the chief executive officer of any State receiving such grants to: (1) certify that the State agrees to specified conditions; and (2) prepare and furnish a compliance plan to the Secretary. Allows the Secretary, after notice and opportunity for a hearing, to withhold funds from any State which fails to meet the requirements of this Act or of its own compliance plan. Title III: Limitation on Certain State Severance Taxes - Limits severance taxes imposed by any State with respect to crude oil, natural gas, or coal transported outside such State. Sets such limit at the higher of: (1) the adjusted 1978 State tax rate; or (2) the adjusted 1978 national average tax rate.

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1 official file

• Introduced in House

  summary · EN · 6 May 1982

  Open at official source

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