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HR 1861 97th Congress House Taxation Corporation taxes Corporations and Stocks Income tax Petroleum and petroleum products Petroleum industry Tax credits Tax deferral Taxation of foreign income

Oil Industry Tax Reform Act of 1981

Introduced: February 17, 1981 See on congress.gov
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This bill died when the 97th Congress ended
It never became law before the 97th Congress (1981–1982) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 17, 1981
Referred to House Committee on Ways and Means.
Feb 17, 1981
Introduced in House
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 Plain-English summary Congressional Research Service

Oil Industry Tax Reform Act of 1981 - Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations on foreign oil-related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed.

Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.

What's happening now February 17, 1981

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Schumer, Charles E.
New York · Apr 28, 1981
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1861: Oil Industry Tax Reform Act of 1981. 97th Congress. Open America. https://openamerica.io/bill/97-HR-1861/
MLA
"H.R. 1861: Oil Industry Tax Reform Act of 1981." 97th Congress, 2026, Open America, https://openamerica.io/bill/97-HR-1861/.
Bluebook (legal)
H.R. 1861, 97th Cong. (2026), https://openamerica.io/bill/97-HR-1861/.
Markdown link
[H.R. 1861: Oil Industry Tax Reform Act of 1981](https://openamerica.io/bill/97-HR-1861/)
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