A bill to amend the Internal Revenue Code of 1954 to provide relief to residential and certain institutional users of refined petroleum products in the event of deregulation of oil prices.

Summary

Amends the Internal Revenue Code to allow residential and institutional (hospitals, churches, or educational institutions) users of refined petroleum products a refundable income tax credit for the increase in price of such products due to deregulation of the oil industry. Directs the Secretary of the Treasury to determine the deregulation amount for petroleum products for each calendar quarter beginning after the effective date of oil deregulation. Limits the amount of such credit to $125 for a taxable year. Reduces the amount of such credit by .75 percent of the amount by which the taxpayer's adjusted gross income exceeds $25,000. Provides for advance payments of the deregulation credit on a quarterly basis upon the application of a taxpayer entitled to such credit.

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1 official file

• Introduced in Senate

  summary · EN · 29 March 1979

  Open at official source

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