H.R. 8248 — A bill to amend chapter 45 of the Internal Revenue Code of 1954 with respect to the exemption of the State share of Federal royalties from the Crude Oil Windfall Profit Tax and to insure the deductibility of certain severance taxes.

Summary

Amends the Internal Revenue Code to treat as a qualified government interest exempt from the crude oil windfall profit tax the right of any State to receive royalty payments under the Mineral Lands Leasing Act of 1920.

Allows the deduction from the windfall profit tax of: (1) severance taxes imposed by an Indian tribe; and (2) State ad valorem taxes based on the price at which crude oil is sold.

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Legislative Actions

1980-10-01
Introduced in House
1980-10-01
Introduced in House
1980-10-01
Referred to House Committee on Ways and Means.

A bill to amend chapter 45 of the Internal Revenue Code of 1954 with respect to the exemption of the State share of Federal royalties from the Crude Oil Windfall Profit Tax and to insure the deductibility of certain severance taxes.

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