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United States · Bill · HR

H.R. 7877 (96th)

A bill to provide a credit against crude oil windfall profit tax for royalty owners.

referredUnited States· United States Congress· EN

Introduced

30 July 1980

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to allow a credit or refund of crude oil windfall profit taxes to any qualified royalty owner for any portion of such tax paid in connection with qualified royalty production between February 29, 1980, and January 1, 1981. Limits such credit to $1,000. Provides for allocation of such credit among family members and among stockholders in qualified family farm corporations. Denies an income tax deduction where such credit or refund is allowable. Reduces the adjusted base price of crude oil for purposes of computing the windfall profit tax by .8 percent for fiscal year 1981.

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Documents

1 official file

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