Fair Deal Amendment of 1981

Summary

Fair Deal Amendment of 1981 - Amends the Internal Revenue Code to reduce the windfall profit tax liability of a producer of crude oil by 25 percent of the State tax actually paid which is imposed: (1) on the gross receipts of oil companies only, to the extent that the tax rate does not exceed five percent; or (2) on a proportionate basis on the windfall profit of a producer of crude oil, to the extent that the tax rate does not exceed ten percent. Requires that the proceeds of such State taxes be used for energy- or transportation-related purposes or low- and moderate-income energy assistance. Disallows an income tax deduction for taxes used as the basis for a windfall profit tax adjustment under this Act.

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Timeline

1. 29 October 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 29 October 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 2 November 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department; Energy Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 October 1981

  Open at official source

Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• · ssfi00 · Standing

Related records

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