A bill to amend the Internal Revenue Code of 1986 to repeal the windfall profit tax on domestic crude oil and to impose a tax on the importation of crude oil and refined petroleum products.

Summary

Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil. Imposes an import fee on crude oil and refined petroleum products imported into the United States. Specifies that such fee shall be imposed only during any week following a four-week period when the average international price of crude oil is less than $18 per barrel. Exempts from such fee crude oil or refined petroleum products purchased for export. Sets the rate of such import fee as the difference between $18 per barrel and the average world price of crude oil per barrel.

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1 official file

• Introduced in House

  summary · EN · 3 February 1987

  Open at official source

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