A bill to amend chapter 45 of the Internal Revenue Code of 1954 with respect to the exemption of the State share of Federal royalties from the Crude Oil Windfall Profit Tax and to insure the deductibility of certain severance taxes.

referredUnited States· United States Congress· EN

Introduced

28 May 1980

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to treat as a qualified governmental interest exempt from the crude oil windfall profit tax the right of any State to receive royalty payments under the Mineral Lands Leasing Act of 1920. Allows the deduction from the windfall profit tax of: (1) severance taxes imposed by an Indian tribe; and (2) State ad valorem taxes based on the price at which crude oil is sold.

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

Timeline

No timeline events have been ingested for this record yet.

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 · 28 May 1980
Open at official source

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/96th-congress/senate-bill/2768
Open data entity: https://api.congress.gov/v3/bill/96/s/2768