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United States · Bill · S

S. 3057 (95th)

A bill to amend the Internal Revenue Code of 1954 to provide relief to residential and certain institutional users of refined petroleum products in the event of a Presidential adjustment of imports of petroleum.

referredUnited States· United States Congress· EN

Introduced

11 May 1978

Last action

11 May 1978 · Introduced

Status

Referred to Senate Committee on Finance.

Sponsors

Sen. Ribicoff, Abraham A. [D-CT], Sen. Moynihan, Daniel Patrick [D-NY], Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Case, Clifford P. [R-NJ], Sen. Biden, Joseph R., Jr. [D-DE], Sen. Stafford, Robert T. [R-VT], Sen. Pell, Claiborne [D-RI], Sen. McIntyre, Thomas J. [D-NH], Sen. Leahy, Patrick J. [D-VT], Sen. Chafee, John H. [R-RI], Sen. Kennedy, Edward M. [D-MA]

Subjects

Taxation

Source updated

1 August 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow a tax credit for increases in the cost of refined petroleum products due to the imposition of duties or fees on such products by the President pursuant to the Trade Expansion Act of 1962. Limits eligibility for such credit to residential users, hospitals, churches, and educational institutions. Limits the amount of allowable credit to $75 for an individual taxpayer. Reduces the amount of allowable credit by 75 percent of the amount by which the adjusted gross income of such individual exceeds $20,000. Authorizes the Secretary of the Treasury to refund in advance one-fourth of the taxpayer's tentative credit under this Act for the taxable year.

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

Timeline

  1. 11 May 1978

    Introduced

    Referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 11 May 1978

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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