A bill to amend the Internal Revenue Code of 1954 to repeal the crude oil windfall profit tax on tier 2 oil and tier 3 oil, to phaseout the tax beginning October 1, 1981, and to provide that royalty owners shall be exempt from the tax.

Summary

Amends the Internal Revenue Code to exempt tier 1 oil (stripper well oil and oil from an economic interest in a National Petroleum Reserve held by the United States), tier 2 oil (newly discovered, heavy, and incremental tertiary oil), and royalty owners from the crude oil windfall profit excise tax. Begins the phase-out of such tax on October 1, 1981.

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Timeline

1. 24 September 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 24 September 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 September 1980

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 24 September 1980

  Open at official source

Sponsors

• Rep. Edwards, Mickey [R-OK-5] · R · Sponsor
• · hswm00 · Standing

Related records

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