A bill to assist the States in raising revenues by encouraging more uniform severance taxes on coal and oil shale and to impose a countervailing duty on imported coal and oil shale.

Summary

Imposes an excise tax under the Internal Revenue Code of 15 percent of gross income for the severance of coal and oil shale from properties located within the United States (25 percent if the severance is by surface mining) u exempting the first 20,000 tons of coal or oil shale mined during the taxable year from such tax. Allows a credit for such taxes imposed under the provisions of this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 30 October 1975

  Open at official source

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