Crude Oil Decontrol Windfall Profits Tax Act of 1979

Summary

Crude Oil Decontrol Windfall Profits Tax Act of 1979 - Title I: Windfall Profits Tax - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on windfall profits from oil removed from the premises during each taxable period. Sets the rate of such tax at 100 percent of the windfall profit on each barrel of taxable crude oil. Defines "windfall profit" as the excess of the removal price of a barrel of crude oil (amount for which barrel is sold) over the sum of the adjusted base price of such barrel (the base price, plus the price multiplied by a cost of living adjustment for the calendar quarter in which the crude oil is removed from the premises) and the amount by which any severance tax imposed with respect to such barrel exceeds the severance tax which would have been imposed if the barrel had been extracted and sold on March 31, 1979, at the base price. Exempts newly discovered oil from the windfall profits tax. Requires oil producers to maintain such records with respect to oil production as the Secretary of Treasury may require. Specifies that windfall profit tax returns must be filed not later than the fifteenth day of the third month (fifteenth day of the fourth month in the case of an individual) following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the the individual responsible for the payment of the windfall profits tax a monthly statement containing information with respect to: (1) the amount of taxable domestic crude oil purchased during such month; (2) the removal price of such oil; (3) the base price and the adjusted base price of such oil; (4) the amount of such taxpayer's liability for tax; (5) severance tax liability; and (6) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; (3) each partner's or beneficiary's share from the sale of crude oil; and (4) other information which the Secretary may require. Title II: Tax Credits - Allows income tax credits for the use of woodburning stoves, home heating oil, and hydroelectric power. Allows an income tax deduction for electricity purchased from a small hydroelectric power generation project for use in the taxpayer's trade or business.

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1 official file

• Introduced in Senate

  summary · EN · 22 May 1979

  Open at official source

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