Fair Deal Amendments of 1980

Summary

Fair Deal Amendment of 1980 - Amends the Internal Revenue Code to allow a crude oil producer to reduce his windfall profit tax liability by 25 percent of qualified State excess profits taxes actually paid by such producer. Limits such reduction to State taxes: (1) imposed (at a rate of no more than five percent) with respect to the gross receipts of oil companies only from sales within the State; or (2) imposed (at a rate of no more than ten percent) on a fraction of the producer's windfall profits represented by the ratio of such producer's total in-State sales of petroleum products to such producer's entire United States sales of such products; and (3) which are prohibited from being passed on to petroleum product purchasers. Requires that proceeds from any such State excess profits tax be dedicated to specified energy- related purposes. Disallows any income tax deduction for State excess profits taxes used as a basis for such reduction from the crude oil windfall profit tax.

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1 official file

• Introduced in Senate

  summary · EN · 18 November 1980

  Open at official source

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