Crude Oil Windfall Profit Tax Act of 1980

Summary

Crude Oil Windfall Profit Tax of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on the windfall profits from oil removed from the premises during each taxable period. Sets the rate of such tax at 50 percent of the windfall profit on each barrel of taxable crude oil. Defines "windfall profit" as the excess of the removal price of a barrel of crude oil (amount for which barrel is sold) over the adjusted base price of such barrel (the base price, plus the base price multiplied by a cost of living adjustment for the calendar quarter in which the crude oil is removed from the premises). Specifies base prices for three tiers or types of crude oil subject to the 1979 energy regulations. Provides that the windfall profit on any barrel of crude oil shall not exceed the net income attributable to such barrel. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that windfall profit tax returns must be filed not later than the last day of the second month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the windfall profits tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the removal price of such oil; (3) the base price and the adjusted base price of such oil; (4) the amount of such taxpayer's liability for tax; and (5) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; and (3) each partner's or beneficiary's share from the sale of crude oil. Establishes an Energy Trust Fund funded by revenues from the windfall profits tax. States that amounts in the trust fund shall be available for purposes as may hereafter be specified by law.

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

7 official files

• Public Law (PDF)

  Public Law · EN · 3 April 1980

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 7 March 1980

  Open at official source

• Passed Senate amended

  summary · EN · 17 December 1979

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 1 November 1979

  Open at official source

• Passed House amended

  summary · EN · 28 June 1979

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 22 June 1979

  Open at official source

• Introduced in House

  summary · EN · 3 May 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.