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United States · Bill · HR

H.R. 7127 (96th)

A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of royalty owners under the crude oil windfall profit tax.

referredUnited States· United States Congress· EN

Introduced

22 April 1980

Last action

22 April 1980 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Sebelius, Keith G. [R-KS-1], Sen. Breaux, John B. [D-LA], Rep. Jeffries, Jim [R-KS-2], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Benjamin, Adam, Jr. [D-IN-1], Sen. Symms, Steven D. [R-ID], Rep. Nolan, Richard M. [D-MN-8], Rep. Forsythe, Edwin B. [R-NJ-6], Sen. Shelby, Richard C. [R-AL], Rep. Hightower, Jack E. [D-TX-13], Rep. Steed, Tom [D-OK-4], Rep. Carter, Tim Lee [R-KY-5], Rep. Edwards, Mickey [R-OK-5], Rep. Kramer, Ken [R-CO-5], Rep. Lloyd, Marilyn [D-TN-3], Rep. McCormack, Mike [D-WA-4], Rep. Crane, Daniel B. [R-IL-19], Rep. Young, Don [R-AK-At Large], Rep. Shumway, Norman D. [R-CA-14], Rep. Williams, Pat [D-MT-At Large], Rep. Rhodes, John J. [R-AZ-1], Rep. English, Glenn [D-OK-6], Rep. Santini, James D. [D-NV-98], Rep. Whittaker, Bob [R-KS-5], Sen. Lott, Trent [R-MS], Rep. Montgomery, G. V. (Sonny) [D-MS-3], Rep. Wilson, Charles [D-TX-2], Rep. Hinson, Jon C. [R-MS-4], Rep. Holt, Marjorie S. [R-MD-4], Rep. Marlenee, Ron [R-MT-2], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Clinger, William F., Jr. [R-PA-5], Rep. Lungren, Daniel E. [R-CA-3], Rep. Miller, Clarence E. [R-OH-10], Rep. Duncan, John J. [R-TN-2], Rep. de la Garza, E. [D-TX-15], Rep. Marriott, David Daniel [R-UT-2], Rep. Frost, Martin [D-TX-24], Rep. Perkins, Carl Dewey [D-KY-7], Rep. Applegate, Douglas [D-OH-18], Rep. Boggs, Corinne C. (Lindy) [D-LA-2], Rep. Campbell, Carroll A., Jr. [R-SC-4], Rep. Hance, Kent R. [D-TX-19], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Kogovsek, Ray [D-CO-3], Rep. Madigan, Edward R. [R-IL-15], Rep. Chappell, Bill, Jr. [D-FL-4], Rep. Bereuter, Doug [R-NE-1]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.

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

Timeline

  1. 22 April 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 22 April 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 22 April 1980

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Leesvertaling

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Sponsors

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Related records

Sources

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