A bill to amend the Internal Revenue Code of 1954 to provide for royalty owners and independent producers an annual $1,200 credit against the crude oil windfall profit tax, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

25 September 1980

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to allow royalty owners and independent producers a $300 quarterly refundable credit against the crude oil windfall profit tax. Denies any income tax deduction for amounts taken as such credits.

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Documents

1 official file

Introduced in House
summary · EN · 25 September 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/8216
Open data entity: https://api.congress.gov/v3/bill/96/hr/8216