A bill to enhance the production of domestic crude oil by exempting qualified stripper well production and certain oil produced by independent producers from the windfall profit tax, and to provide permanent relief from the windfall profit tax for small royalty owners.

referredUnited States· United States Congress· EN

Introduced

20 January 1981

Last action

20 January 1981 · Introduced

Status

Read second time and referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to: (1) exempt certain stripper well oil and independent producer oil from the windfall profit tax; (2) reduce the independent producer amount by the amount of exempt stripper well oil production; and (3) permit royalty owners to share in the independent producer oil exemption from such tax.

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Timeline

20 January 1981
Introduced
Read second time and referred to Senate Committee on Finance.
Source: IntroReferral
20 January 1981
Introduced
Introduced in Senate
Source: IntroReferral

Votes

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Documents

1 official file

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Introduced in Senate
summary · EN · 20 January 1981
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/166
Open data entity: https://api.congress.gov/v3/bill/97/s/166
us · 97-s-166 · source updated 3 January 2025