A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.

Summary

Amends the Internal Revenue Code to allow individuals an income tax credit equal to 25 percent of the total cost of heating oil purchased by such individuals for use in a residence for residential purposes. Limits the dollar amount of such credit to $200 for the taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $15,000. Provides for the termination of the credit for taxable years ending after December 31, 1983.

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

Timeline

1. 21 March 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 21 March 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 21 March 1979

  Open at official source

Sponsors

• Sen. Durkin, John A. [D-NH] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.