A bill to amend the Internal Revenue Code of 1954 to impose a tax on the importation of Libyan crude oil and refined petroleum products and to transfer the revenues from such tax to the Strategic Petroleum Reserve Trust Fund.

Summary

Amends the Internal Revenue Code to impose a tax, at the rate of ten dollars per barrel, on Libyan crude oil sold in the United States. Sets forth rules for the application of the tax to refined products of Libyan 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 the Energy Policy and Conservation Act to establish in the Treasury a Strategic Petroleum Reserve Trust Fund to be used only for the acquisition and storage of petroleum products in the Strategic Petroleum Reserve. Directs the Secretary of the Treasury to transfer from the general fund of the Treasury to the Trust Fund, at least quarterly, the net revenues from the tax imposed under this Act for the fiscal year. Directs the Secretary to make available to the Secretary of Energy such Trust Fund amounts as the Secretary of Energy determines are necessary for the acquisition and storage of petroleum products in the Strategic Petroleum Reserve. Prohibits the importation of Libyan crude oil into the United States after December 31, 1982, by any person subject to U.S. jurisdiction, including certain foreign subsidiaries or affiliates of corporations.

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

Timeline

1. 15 October 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 15 October 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 20 October 1981

   Committee

   Committee on Finance requested executive comment from OMB; International Trade Commission; U.S. Trade Representative; Treasury Department; State Department;.

   Source: Committee

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 · 15 October 1981

  Open at official source

Sponsors

• Sen. Hart, Gary W. [D-CO] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to impose a tax on the importation of Libyan crude oil and refined petroleum products, to transfer the revenues from such tax to the Strategic Petroleum Reserve Trust Fund, and for other purposes.