HR 4460
97th Congress
House
Taxation
Excess profits tax
Petroleum and petroleum products
Petroleum industry
Secondary recovery of oil
Tax credits
Tax exemption
Tax rates
A bill to repeal those provisions of the Economic Recovery Tax Act of 1981 which extended the credit against the windfall profit tax on domestic crude oil for royalty owners, which reduced the rate of such tax on newly discovered oil, and which exempted from such tax independent producer stripper well oil.
Introduced: September 10, 1981
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 1981
Referred to House Committee on Ways and Means.
Sep 10, 1981
Introduced in House
Plain-English summary
Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1