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Tuesday, July 28, 2020 | History

3 edition of Summary of the Crude oil windfall profit tax act of 1979 (H.R. 3919) as passed by the House of Representatives on June 28, 1979 found in the catalog.

Summary of the Crude oil windfall profit tax act of 1979 (H.R. 3919) as passed by the House of Representatives on June 28, 1979

United States. Congress. House. Committee on Ways and Means

Summary of the Crude oil windfall profit tax act of 1979 (H.R. 3919) as passed by the House of Representatives on June 28, 1979

by United States. Congress. House. Committee on Ways and Means

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  • 31 Currently reading

Published by U.S. Govt. Print. Off. in Washington .
Written in English

    Subjects:
  • Excess profits tax -- United States,
  • Petroleum -- Taxation -- United States

  • Edition Notes

    Statementprepared by the staffs of the Joint Committee on Taxation and the Committee on Ways and Means ; Committee on Ways and Means, U.S. House of Representatives
    ContributionsUnited States. Congress. Joint Committee on Taxation
    The Physical Object
    Paginationiii, 5 p. ;
    ID Numbers
    Open LibraryOL14955275M

    REVENUE EFFECTS OF THE CRUDE OIL WINDFALL PROFIT TAX ACT (P.L. ) One of the provisions of the Crude Oil Windfall Profit Tax Act imposed a windfall profit tax on domestically produced crude oil. The tax is actually an excise or severance tax on crude oil produced after Febru The act defined three categories of oil to be taxed. Following another oil crisis in , the Iranian Hostage Crisis, and the U.S. grain embargo of the Soviet Union, Congress continued efforts to spur domestic fuel production and reduce American reliance on imported crude. Two additional measures — the Crude Oil Windfall Profit Tax Act of and the Energy Security Act of continued to.

    The windfall profits tax was a deductible expense in determining an oil producer ' s federal income tax liability because it was considered a cost of doing business. As a result of paying the windfall profits tax, a producer ' s income tax liability was lower than it would have been without the tax. The windfall profits tax produced a cumulative total of approximately $80 billion before it was. US Congress S Crude Oil Decontrol Windfall Profits Tax Act of Title I Windfall Profits Tax Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on windfall profits from oil removed from the premises during each taxable period Sets the rate of such tax at percent of the windfall profit on each barrel of taxable crude oil Defines.

    42 Crude Oil Windfall Profit Tax, Tier One OilAll domestically-produced crude oil other than any oil classified in tiers two or three, or explicitly exempted from the tax by the Act. This includes the bulk of domestic oil from reservoirs pro-ven to be productive before Tier Two OilAny oil which is from a stripper well. In , the United States enacted the Crude Oil Windfall Profit Tax Act (P.L. ) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the OPEC oil embargo.


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Summary of the Crude oil windfall profit tax act of 1979 (H.R. 3919) as passed by the House of Representatives on June 28, 1979 by United States. Congress. House. Committee on Ways and Means Download PDF EPUB FB2

Crude oil windfall profit tax act of (H.R. ) Responsibility: prepared by the staffs of the Joint Committee on Taxation and the Committee on Ways and Means. Summary of the Crude oil windfall profit tax act of (H.R. ) as passed by the House of Representatives on J Washington: U.S. Govt. Print.

Off., Sets the rate of such tax with respect to each barrel of taxable crude oil at 70 percent of the windfall profit on tier one oil (50 percent for independent producer oil), 60 percent of the windfall profit on tier two oil (30 percent for independent producer oil), and 30 percent of the windfall profit on tier three oil.

"summary of h.r. the crude oil windfall profit tax act ofas reported by the senate committee on finance " JCS (Novem ) DESCRIPTION OF H.R. TECHNICAL CORRECTIONS ACT OF AS PASSED THE HOUSE. The Crude Oil Windfall Profit Tax Act (P.L.

) was enacted in as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices.

The structure of the WPT was based on the structure of the oil price control program. This article provides an overview of the so-called "windfall profit" tax on crude oil and focuses primarily on the administrative problems and com- pliance planning opportunities which have come to light in the few months that the tax has been in effect.

President Carter signed the Crude Oil Windfall Profit Tax Act of ' on April 3, General Explanation Of The Crude Oil Windfall Profit Tax Act of(H.R.96th Congress, Public Law ). JCS (Ma ) General Explanation Of The Revenue Act Of(H.R. 95th Congress, Public Law ). oil,certainheavyoil,andincrementaltertiaryoil.

For each tier, thetaxablewindfall profit is the difference between the sellingprice ofthe oil and the sum of the adjustedbase price and.

] WINDFALL PROFIT TAX II. IMPOSITION OF THE TAX Section of the Act imposes an excise tax on the taxable crude oil that is removed from a producer's premises9 after Febru­ ary '29, ° A producer is "the holder of the economic interest.

The windfall profit tax was imposed on oil producers when taxable crude oil was removed from the oil-producing property. Any individual or business with an economic interest in an oil-producing property was considered as a producer and subject to the tax.

Get this from a library. Summary of H.R.the Crude oil windfall profit tax act ofas reported by the Senate Committee on Finance: prepared for the use of the Committee on Finance, United States Senate.

[United States. Congress. Joint Committee on Taxation,; United States. Congress. Senate. Committee on Finance,]. Crude oil windfall profit tax act of report of the Committee on Finance, United States Senate, together with additional and supplemental views of H.R.

Author: United States. Get this from a library. Summary of H.R. the Crude oil windfall profit tax act ofas reported by the Senate Committee on Finance. [United States. Congress. Joint Committee on Taxation.; United States. Congress.

Senate. Committee on Finance.]. Sets the rate of such tax with respect to each barrel of taxable crude oil at 70 percent of the windfall profit on tier one oil (50 percent for independent producer oil), 60 percent of the windfall profit on tier two oil (30 percent for independent producer oil), and 30 percent of the windfall profit on tier three oil.

Apr 2, H.R. (96th). A bill to impose a windfall profit tax on domestic crude oil, and for other purposes. Ina database of bills in the U.S. Congress. Summary. In Aprilthe federal government enacted the crude oil windfall profit tax on the U.S. oil industry. The main purpose of the tax was to recoup for the federal government much of the revenue that would have otherwise gone to the oil industry as a result of the decontrol of oil prices.

Crude Oil Windfall Profit Tax Act of - =Title I: Windfall Profit Tax on Domestic Crude Oil= - Amends the Internal Revenue Code to impose upon domestic oil producers an excise tax on the windfall profit from taxable crude oil produced during each taxable period (March and each calendar quarter thereafter).

Windfall Profit Tax Act of ," imposes a windfall profit tax on domestic oil producers and royalty owners to supplement the decontrol of oil prices announced by the Administration. amount of windfall profit tax reported since the enactment of the Crude Oil Windfall Profit Tax Act of was $ billion.

Although the windfall profit, defined as the removal price less the sum of the adjusted base price and state severance tax, decreased by $ per barrel, the windfall profit tax liability increased because of greater.

The Crude Oil Windfall Profit Tax Act (P.L. ) was enacted in as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices.

The structure of the WPT was based on the structure of the oil price control program. The Oil Price Control Program. Resources and Energy 9 () North-Holland THE CRUDE OIL WINDFALL PROFIT TAX ACT OF An Economic Analysis of its Effect on Domestic Crude Oil Production Michael S.

KNOLL* Debevoise & Plimpton, New York, NYUSA Received November In this paper a framework is developed to examine the effects of the Crude Oil Windfall Profit Tax Act of on domestic production of crude Cited by: 4.THE CRUDE OIL WINDFALL PROFIT TAX ACT: CONTEXT AND CONTENT INTRODUCTION Background In an attempt to reverse the Nation's growing use of foreign petroleum, President Carter in June began a gradual process of removing domestic petroleum price controls that had existed in some form since August Cited by: 1.Crude Oil Windfall Profit Tax, Second Quarter By Edward Chung* The Crude Oil Windfall Profit Tax Act of imposed a Federal excise tax on domestic crude oil extracted on or after March 1, Tables 1 through 3 provide summary data for the second quarter of while Tables 4 through 6 give the cumulative results for the first half.