To amend the Internal Revenue Code of 1986 to impose an excise tax on windfall profits derived from crude oil, and for other purposes.
Petroleum Producers Burden Sharing Act - Amends the Internal Revenue Code to reinstate the windfall profit tax on domestic crude oil. Terminates such tax: (1) after the expiration of the first four calendar quarters beginning after the date of enactment of this section; or (2) after the expiration of the first six such calendar quarters, if the President determines that a continuing energy price crisis exists.
Establishes the Energy Support Trust Fund to fund the weatherization program under the Energy Conservation in Existing Buildings Act of 1976 and other programs for the conservation of energy. Transfers to such Fund the taxes received from the windfall profit tax on domestic crude oil.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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