H. R. 5734: This Act may be cited as the Petroleum Producers Burden Sharing Act of 1990, introduced in the House of Representatives, One Hundred First Congress, Second Session, September 27, 1990

Book · Mon Jan 01 04:00:00 EST 1990

OSTI ID:5580043

H.R. 5734 would amend the Internal Revenue Code of 1986 to impose an excise tax on windfall profits derived from crude oil. The amount of the tax would be 90 percent of the windfall profit on each barrel of crude oil. Windfall profit is defined as the gross profit of the producer or importer from the barrel over the producer's or importer's average gross profit per barrel sold during the 4-month period ending on July 31, 1990. The tax would expire after 4 calendar quarters except if the President determines a continuing energy price crisis still exists. In that case, he could extend the law for 2 more calendar quarters; or if it has already terminated, the President could reinstate the law for four calendar quarters. This bill also creates a Low Income Energy Support Trust Fund which would receive 33 percent of the taxes received. The bill also explains what expenditures could be made from the Trust Fund: weatherization programs and grants under the Low Income Home Energy Assistance Act.

• OSTI ID: 5580043
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
AMENDMENTS
BUILDINGS
ENERGY CONSERVATION
ENERGY SOURCES
FINANCING
FOSSIL FUELS
FUELS
HOUSES
HUMAN POPULATIONS
IMPLEMENTATION
LAWS
LEGISLATIVE TEXT
LOW INCOME GROUPS
MINORITY GROUPS
PETROLEUM
POPULATIONS
RESIDENTIAL BUILDINGS
TAX LAWS
TAXES
WEATHERIZATION
WINDFALL PROFITS TAX