A bill to amend the Internal Revenue Code of 1954 to provide that, with respect to the Windfall Profit Tax, the holder of a net profits interest shall be treated as the producer of the same proportion of the production from the property as is represented by his net profits interest.

referredUnited States· United States Congress· EN

Introduced

1 October 1980

Last action

1 October 1980 · Introduced

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code, with respect to the crude oil windfall profit tax, to treat a holder of a net profit interest as a producer liable for payment of such tax on the portion of gross production allocated to him in proportion to his respective share, if any, of the net profits (computed without regard to such tax).

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Timeline

1 October 1980
Introduced
Referred to Senate Committee on Finance.
Source: IntroReferral
1 October 1980
Introduced
Introduced in Senate
Source: IntroReferral

Votes

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Documents

1 official file

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Introduced in Senate
summary · EN · 1 October 1980
Open at official source

Related records

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/senate-bill/3190
Open data entity: https://api.congress.gov/v3/bill/96/s/3190
us · 96-s-3190 · source updated 14 June 2021