Oil Deregulation Tax Act

Summary

Oil Deregulation Tax Act - Imposes an excise tax on the deregulation profits from taxable domestic crude oil removed from the premises of the taxpayer. Stipulates that such tax shall be paid by the person entitled to the oil depletion deduction. Provides that such tax shall be an amount equal to 90 percent of the deregulation profit from each taxable barrel of crude oil removed from the premises. Allows a tax credit in an amount equal to the taxpayers plowback investment. Provides that the deregulation profit on any barrel of taxable crude oil shall not exceed 75 percent of the net income attributable to such barrel. Defines the terms used in this Act. Exempts tax-exempt organizations which are prohibited from plowing back from the tax imposed by this Act. Requires each person subject to the tax imposed by this Act to keep such records as the Secretary of the Treasury or his delegate may, by regulation, prescribe. Requires the purchaser of domestic crude oil to furnish to the person liable for the tax imposed by this Act a monthly statement containing specified information. Imposes criminal penalties for the willful failure to furnish such information. Exempts the first sale in any calendar month of domestic crude oil from price regulations promulgated pursuant to the Emergency Petroleum Allocation Act of 1973. Provides that, to qualify for such exemption, a lease must have been operated at the maximum rate of production and in accord with recognized conservation practices during the three calendar months ending May 31, 1975.

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1 official file

• Introduced in House

  summary · EN · 1 August 1975

  Open at official source

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