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, and to reduce Social Security taxes; and to expand lower income energy assistance.

Summary

Amends the Internal Revenue Code to impose an excise tax on imported crude oil (and oil products) sold in the United States. Sets the rate of such tax at $10 per barrel. Authorizes the President to increase such rate up to $30 per barrel whenever he deems it necessary to do so in order to promote sufficient domestic energy production and conservation to enable the United States to end the importation of crude oil by January 1, 1990. Sets forth a formula for the application of such tax to refined products. Requires such tax to be paid by the importer, and requires all persons subject to such tax to register with the Secretary of the Treasury. Amends the Social Security Act to require appropriation to the Federal Old-Age and Survivors Insurance Trust Fund of annual amounts equivalent to the tax imposed by this Act and any fee imposed by the President under the Trade Expansion Act of 1962 to adjust imports of petroleum or petroleum products. Directs the Secretary to reduce from time to time the rates of social security tax relating to old-age, survivors, and disability insurance to the extent necessary to reduce the net revenue attributable to the tax imposed by this Act, or any fee imposed by the President under the Trade Expansion Act. Authorizes the appropriation of $2,000,000,000 annually to fund any Federal program of financial assistance (including loans and loan guarantees) to lower income individuals and families adversely affected by increased energy costs.

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

Timeline

1. 21 March 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 21 March 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 21 March 1980

  Open at official source

Sponsors

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

Related records

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