Excess Petroleum Profits Tax Act

Summary

Excess Petroleum Profits Tax Act - Imposes under the Internal Revenue Code, an excess profits surtax on the taxable income of all petroleum industry corporations for each taxable year beginning after December 31, 1973. Provides the procedure for computation of such surcharge. Provides exceptions for small corporations and corporations establishing set-aside funds. Excludes from income, subject to the surcharge, an amount equal to the investment made in the same taxable year or as authorized for specified purposes, including; (1) exploration or development of new domestic fuel; (2) increased domestic productive capacity; (3) research and development of new domestic energy sources, fuels, or uses; and (4) research and development of energy technology. Sets forth the definitions of terms used in this Act.

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• Introduced in Senate

  summary · EN · 21 January 1975

  Open at official source

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