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United States · Bill · S

S. 700 (97th)

A bill to amend chapter 45 of the Internal Revenue Code of 1954 with respect to the exemption of the State share of Federal royalties from the Crude Oil Windfall Profit Tax and to insure the deductibility of certain severance taxes.

openUnited States· United States Congress· EN

Introduced

12 March 1981

Last action

17 March 1981 · Committee

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Sponsors

Sen. Wallop, Malcolm [R-WY], Sen. Domenici, Pete V. [R-NM], Sen. Cranston, Alan [D-CA], Sen. Schmitt, Harrison H. [R-NM], Sen. Hayakawa, Samuel Ichiye [R-CA], Sen. Simpson, Alan K. [R-WY], Sen. Armstrong, William L. [R-CO]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to exempt from the windfall profit tax certain rights of States to payments under the Mineral Lands Leasing Act. Revises the definition of "severance tax," for purposes of calculating windfall profit, to: (1) include any severance tax imposed by an Indian tribe; and (2) allow the determination of such tax on an ad valorem basis. Revises the definition of "producer," for purposes of the windfall profit tax, to assign to States and instrumentalities thereof cost recovery oil (amounts of crude oil used for reimbursement, pursuant to any agreement with another party, for oil or gas development costs) in accordance with their proportion in net profits. Excludes from gross income and treats as paid by the governmental entity, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.

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

Timeline

  1. 12 March 1981

    Introduced

    Read second time and referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 12 March 1981

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 17 March 1981

    Committee

    Committee on Finance requested executive comment from OMB; Treasury Department.

    Source: Committee

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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