A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of independent oil producers, including royalty owners, under the crude oil windfall profit tax.

referredUnited States· United States Congress· EN

Introduced

27 March 1980

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax: (1) an independent oil producer's entire production of oil; and (2) a proportionate interest in an independent producer's production held by a royalty owner. Excludes from such exemption any independent producer's interest in production from a property to the extent that such interest was held by an integrated oil company on October 24, 1979.

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Documents

1 official file

Introduced in Senate
summary · EN · 27 March 1980
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/senate-bill/2487
Open data entity: https://api.congress.gov/v3/bill/96/s/2487