Energy Development Surtax Act of 1979

Summary

Energy Development Surtax Act of 1979 - Amends the Internal Revenue Code to impose on the first seller of crude oil a surtax equal to 80 percent of the net taxable oil income of such seller. Allows a credit against such tax equal to one- third of the excess of the qualified production costs of the taxpayer over the production base. Limits the amount of such credit to the amount of the tax imposed, providing for a carryover to the succeeding taxable year of 50 percent of the excess of such credit amount. Defines "qualified development costs" as exploration and development costs including: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) expenditures for construction of depreciable assets; (4) expenditures for lease equipment; and (5) other costs for the drilling and equipping of wells, but does not include costs for lease or land acquisition. Sets a formula for the computation of the production base. Requires records and information from each person liable for such surtax, and a monthly statement of specified quantity and price items from the purchaser of domestic crude oil to the first seller liable for such tax. Requires a certification to the purchaser by the operator of the well from which such crude oil was produced of the pre-decontrol price with respect to such crude oil. Prescribes criminal penalties for willful failure to provide such information. Requires partnerships, estates, and trusts to furnish each partner or beneficiary a written statement containing specified information with respect to the first sale or purchase of domestic crude oil.

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1 official file

• Introduced in Senate

  summary · EN · 13 July 1979

  Open at official source

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