Excess Petroleum Profits Tax Act

Summary

Amends the Internal Revenue Code to impose an excess profits surtax on the taxable income of all petroleum industry corporations having an invested capital structure exceeding $2,500,000. Sets the rate of the tax at 90 percent of the amount by which the taxable income of the corporation exceeds the average rate of return on capital investment for all manufacturing corporations for the taxable year as determined by the Federal Trade Commission. Excludes from income subject to this surtax amounts used for exploration, research, or development of new energy sources, fuels, on uses. Makes sums invested (1) in domestic research and development facilities for new or expanded energy sources, or (2) to increase the domestic energy supply or its more efficient use, eligible for the investment tax credit.

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

Timeline

No timeline events have been ingested for this record yet.

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 · 4 March 1977

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.