Windfall profit tax declared unconstitutional

Journal Article · Tue Mar 01 04:00:00 EST 1983 · Oil Gas Tax Q.; (United States)

OSTI ID:5741869

Licata, M P

A District Court ruling in Cheyenne, Wyoming that the Crude Oil Windfall Profit Tax (WPT) Act is unconstitutional cites the exemption of Alaskan oil and the Constitutional requirement that all federal taxes be uniform as justification. There will be no immediate effect of the Ptasynski decision until higher court appeals are settled. New legislation to include Alaskan oil would contradict incentives for exploration and development in extreme climates. If WPT is invalid and refunds of past collections become necessary, the industry could reverse its current slump. The industry feels that investment of the refunds in oil exploration and development would provide more revenue than the government collects from WPT.

• Research Organization: Texas A and M Univ., College Station
• OSTI ID: 5741869
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 31:3; ISSN OGTQD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
ALASKA
EXPLORATION
FEDERAL REGION X
FINANCIAL INCENTIVES
INDUSTRY
LEGAL ASPECTS
NORTH AMERICA
PETROLEUM INDUSTRY
RESOURCE DEVELOPMENT
TAXES
USA
WINDFALL PROFITS TAX