H. R. 5843: A bill to impose an excess profits tax on the income of corporations engaged in the production of petroleum and petroleum products for a limited period, introduced in the House of Representatives, One Hundred First Congress, Second Session, October 17, 1990

Book · Mon Jan 01 04:00:00 EST 1990

OSTI ID:5655305

H.R. 5843 imposes an excess profits tax, for each taxable year which ends or begins during an emergency period, equal to 40 percent of the excess profits taxable income. Emergency period is defined as the 3-year period beginning on the date of enactment of this bill. The bill describes adjustments to income which will be allowed: dividends received; gains and losses from sales or exchanges of capital assets; income from retirement or discharge of bonds, etc.; and recovery of bad debts. Calculation of excess profits deduction is explained. An energy plowback deduction is also allowed, not to exceed 25 percent of the excess profits taxable income. This deduction is to cover intangible drilling and development costs; costs associated with construction or acquisition of assets for exploration, development, or production of oil or gas (including oil shales), converting oil shale, coal, or hydrocarbons into oil or gas, and refining oil or gas; pipelines costs; and costs for secondary or tertiary recovery of oil or gas.

• OSTI ID: 5655305
• 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
BITUMINOUS MATERIALS
CARBONACEOUS MATERIALS
COAL GASIFICATION
COAL LIQUEFACTION
DRILLING
EMERGENCY PLANS
ENERGY SOURCES
ENHANCED RECOVERY
EXPLORATION
FOSSIL FUELS
FUELS
GASIFICATION
IMPLEMENTATION
INDUSTRIAL PLANTS
INDUSTRY
LEGISLATIVE TEXT
LIQUEFACTION
MATERIALS
OIL SHALE PROCESSING PLANTS
OIL SHALES
PETROLEUM
PETROLEUM INDUSTRY
PETROLEUM PRODUCTS
PETROLEUM REFINERIES
PIPELINES
PRODUCTION
PROFITS
RECOVERY
RESOURCE DEVELOPMENT
ROCKS
SEDIMENTARY ROCKS
SHALES
TAX CREDITS
TAXES
THERMOCHEMICAL PROCESSES
WELL DRILLING