Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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