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HR 4797 97th Congress House Energy Department of the Treasury Embargo Excise tax Foreign Trade and Investments Government trust funds Imports Income tax Libya Petroleum Petroleum and petroleum products Petroleum reserves Tax deductions Taxation

A bill to amend the Internal Revenue Code of 1954 to impose a tax on the importation of Libyan crude oil and refined petroleum products, to transfer the revenues from such tax to the Strategic Petroleum Reserve Trust Fund, and for other purposes.

Introduced: October 20, 1981 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 23, 1981
Referred to Subcommittee on Trade.
Oct 21, 1981
Referred to Subcommittee on Fossil and Synthetic Fuels.
Oct 20, 1981
Referred to House Committee on Ways and Means.
Oct 20, 1981
Referred to House Committee on Energy and Commerce.
Oct 20, 1981
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to impose a tax, at the rate of ten dollars per barrel, on Libyan crude oil sold in the United States. Sets forth rules for the application of the tax to refined products of Libyan crude oil.

Prescribes a registration requirement as a condition of liability for the tax imposed under this Act. Allows an income tax deduction for the payment of such tax.

Amends the Energy Policy and Conservation Act to establish in the U.S. Treasury a Strategic Petroleum Reserve Trust Fund to be used only for the acquisition and storage of petroleum products in the Strategic Petroleum Reserve. Directs the Secretary of the Treasury to transfer from the general fund of the Treasury to the Trust Fund, at least quarterly, the net revenues from the tax imposed under this Act for the fiscal year.

Directs the Secretary to make available to the Secretary of Energy such Trust Fund amounts as the Secretary of Energy determines are necessary for the acquisition and storage of petroleum products in the Strategic Petroleum Reserve.

Prohibits the importation of Libyan crude oil into the United States after December 31, 1982, by any person subject to U.S. jurisdiction, including certain foreign subsidiaries or affiliates of corporations.

What's happening now October 23, 1981

Referred to Subcommittee on Trade.

 Committees of jurisdiction 4