A bill to clarify the intent of Congress with respect to the exemption of the economic interests of state and local governments from the crude oil windfall profit tax.

Summary

Amends the Internal Revenue Code to revise the definition of "producer" for purposes of the windfall profit tax, to assign to parties 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 interest in net profits. Excludes from gross income and treats as paid, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.

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Timeline

1. 19 March 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 19 March 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 24 March 1981

   Committee

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

   Source: Committee

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 · 19 March 1981

  Open at official source

Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. Hayakawa, Samuel Ichiye [R-CA] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to clarify the intent of Congress with respect to the exemption of the economic interests of State and local governments from the crude oil windfall profit tax.