Energy Security Tax Act of 1987

Summary

Energy Security Tax Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of imports of: (1) crude oil; (2) refined petroleum products; and (3) petrochemical feedstocks or other derivatives. Sets the rate of such tax as the difference between $24 per barrel ($26.50 for petroleum and petrochemical products) and the most recently published average price of a barrel of internationally traded oil, as determined by the Secretary of the Treasury in accordance with a specified formula. Permits an income tax deduction for oil import tax payments. Repeals the windfall profit tax on domestic crude oil.

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

Timeline

1. 9 April 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 9 April 1987

   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 · 9 April 1987

  Open at official source

Sponsors

• Sen. Johnston, J. Bennett [D-LA] · D · Sponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Energy Security Tax Act of 1987