H.R. 1029 — A bill to amend the Internal Revenue Code of 1986 to provide tax credits to producers of domestic crude oil when the removal price is less than the adjusted base price determined for purposes of the windfall profit tax.

Amends the Internal Revenue Code to require the Secretary of the Treasury to pay to domestic oil producers the applicable percentage of the excess of the adjusted base price of such oil over its removal price. Defines "applicable percentage" in terms of the windfall profit tax rate for such oil.

Prohibits filing a claim for payment more than once a year, unless such payment exceeds $1,000 in specified quarters.

Requires, with specified exceptions, tax credits in lieu of payments.

Terminates the provisions of this Act for crude oil removed after December 31, 1991.

A bill to amend the Internal Revenue Code of 1986 to provide tax credits to producers of domestic crude oil when the removal price is less than the adjusted base price determined for purposes of the windfall profit tax.

Sponsors

Subjects

Summary

Full Text

Legislative Actions

Ask about this bill