Energy Trust Fund Reserve Act

Summary

Energy Trust Fund Reserve Act - Title I: Energy Trust Fund Reserve - Requires persons eligible for the percentage depletion allowances under the Internal Revenue Code on oil and natural gas income to set aside a Special Energy Trust Fund Reserve Account, equal to the amount of the deduction claimed. States that the purpose of such reserve account shall be to invest in exploration research and the development of new sources of energy. Requires that amounts deducted as percentage depletion but not deposited into the reserve account shall be considered as ordinary income for tax treatment purposes. Sets forth provisions governing the energy trust fund reserve. Excludes from gross income the net income of the invested reserve funds, provided such income is reinvested in qualifying energy expenditures. Defines "qualifying energy expenditure" as meaning any amount paid by the taxpayer for specified energy research and development items.

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1 official file

• Introduced in Senate

  summary · EN · 4 March 1975

  Open at official source

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