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.

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.

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Timeline

1. 3 June 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 June 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 June 1980

   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 · 3 June 1980

  Open at official source

Sponsors

• Rep. Pickle, J. J. [D-TX-10] · D · Sponsor
• Rep. Rudd, Eldon D. [R-AZ-4] · R · Cosponsor
• Rep. Albosta, Donald J. [D-MI-10] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → 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.