A bill to impose a minimum income tax on oil companies based on book earnings reported to shareholders.

Summary

Imposes a tax of 30 percent of the economic income of a corporation if such corporation has gross income in excess of $3,000,000 and its gross income from oil-related sources is more than 30 percent of its gross income. Defines economic income as the book earnings of a corporation: (1) not taking into account any provision for Federal income tax; and (2) excluding 85 percent of dividends received from domestic corporations, the corporations share of losses or undistributed earnings of subsidiary corporations, and interest on governmental obligations. Defines the term "gross income from oil-related sources" for purposes of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 10 September 1975

  Open at official source

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