Federal Coal Severance Tax and Revenue Sharing Act

Summary

Federal Coal Severance Tax and Revenue Sharing Act - Imposes on the severance of coal from property located within the United States an excise tax equal to four percent of the gross income from the property during the taxable period; except that the minimum severance tax liability during a taxable period shall not be less than an amount equal to a rate of thirty cents per ton on the total number of coal produced and sold. Provides that this tax shall be paid by the person who holds the working interest in the coal property. States that the taxpayer may credit, to the extent provided in this Act, against the tax imposed by this Act the amount of severance taxes paid by him to any State or political subdivision as severance taxes with respect to such coal property. Provides that the Secretary of the Treasury shall, upon the request of appropriate State or local officials, furnish to such officials a copy of any schedule or statement filed by any taxpayer which disclosed the amount claimed by such taxpayer as his gross income from a coal property located within such State. States that such information shall only be used in the administration of the State or local severance tax.

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1 official file

• Introduced in Senate

  summary · EN · 16 January 1973

  Open at official source

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