A bill to amend the Emergency Petroleum Allocation Act of 1973 as amended, to exempt from the regulation under section 4 of that Act heavy crude oil which has a weighted average gravity of 25 degrees (API) or less, and to exempt such crude oil from any Federal windfall profit tax.

referredUnited States· United States Congress· EN

Introduced

11 March 1980

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Emergency Petroleum Allocation Act of 1973 to exempt the first sale of heavy crude oil from the mandatory allocation regulations promulgated under such Act. Provides that such exemption shall not be subject to the President's authority to reimpose allocation requirements on any exempt oil. Exempts heavy crude oil from any Federal windfall profit tax or other Federal excise tax.

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Documents

1 official file

Introduced in House
summary · EN · 11 March 1980
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/house-bill/6763
Open data entity: https://api.congress.gov/v3/bill/96/hr/6763