A bill to amend the Internal Revenue Code to permit a taxpayer to reduce his windfall profit tax liability by 25 percent of the amount of excess profits taxes he has paid state governments.
Fair Deal Amendment of 1981 - Amends the Internal Revenue Code to reduce the windfall profit tax liability of a producer of crude oil by 25 percent of the State tax actually paid which is imposed: (1) on the gross receipts of oil companies only, to the extent that the tax rate does not exceed five percent; or (2) on a proportionate basis on the windfall profit of a producer of crude oil, to the extent that the tax rate does not exceed ten percent. Requires that the proceeds of such State taxes be used for energy- or transportation-related purposes or low- and moderate-income energy assistance.
Disallows an income tax deduction for taxes used as the basis for a windfall profit tax adjustment under this Act.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department; Energy Department.
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