A bill to amend the Internal Revenue Code of 1954 to impose a tax on the importation of crude oil and refined petroleum products, to transfer the revenues from such tax, and from any oil import fee imposed by the President, to the Social Security Trust Fund, to reduce social security taxes, and to expand lower income energy assistance.

Summary

Amends the Internal Revenue Code to impose a tax, at the rate of ten dollars per barrel, on imported crude oil sold in the United States. Authorizes the President to increase the rate of such tax to a maximum of $30 per barrel upon a determination that an increase is necessary to sufficiently promote domestic energy conservation and production to enable the United States to end such imports by January 1, 1990. Sets forth rules for the application of the tax to refined products of imported crude oil. Prescribes a registration requirement as a condition of liability for the tax imposed under this Act. Allows an income tax deduction for the payment of such tax. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to appropriate to the Old Age and Survivors Insurance Trust Fund the sum of the taxes imposed under this Act and any fees imposed by the President under the Trade Expansion Act of 1962 to adjust petroleum imports. Requires the Secretary of the Treasury to periodically reduce the rates of tax applicable to employers, employees, and self-employment income for purposes of old age, survivors, and disability insurance to the extent permitted by the net revenues attributable to the tax imposed under this Act or to petroleum import adjustment fees. Authorizes appropriations for low-income energy assistance programs.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 6 October 1981

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.