A bill to amend the Economic Recovery Tax Act of 1981 to repeal the provisions which provide exemptions and credits against the windfall profit tax for royalty owners, reduce the tax on newly discovered oil, and exempt independent producers from the tax with respect to certain stripper well oil.
Economic Recovery Tax Reform Act of 1981 - 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.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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