Crude oil Windfall Profit Tax of 1980: legislative and regulatory analysis
After months of debate and revision in both the US House and Senate, the crude oil Windfall Profit Tax Act of 1980 was signed into law (P.L. 96-223) on April 2, 1980. This legislative and regulatory analysis discusses features of the law which are applicable to the gas industry. The provisions of the tax create 3 categories (tiers) of oil, each having a specified base price used to derive the amount of windfall profit, and the amount of taxation. Each tier has a specified tax rate which applies to the windfall profit to calculate the actual amount of tax liability. Within these variables, the tax rate ranges from a high of 70% to a low of 30% or, in fact, zero tax on oil which is exempted. Several provisions contained in the original Senate versions of the bill are discussed: a 15% residential tax credit for high-efficiency gas replacement furnaces and boilers; an alternative energy production tax credit for natural gas produced from geopressured brine, coal seams, Devonian shale and tight sands; inclusion of public utility property as eligible for investment tax credits for certain renewable resource equipment; and investment tax credit for gas-fired congeneration equipment; and a 4-year fuel assistance provision to low-income customers.
- OSTI ID:
- 6126306
- Journal Information:
- AGA Mon.; (United States), Journal Name: AGA Mon.; (United States) Vol. 62:7; ISSN AGMOD
- Country of Publication:
- United States
- Language:
- English
Similar Records
Windfall profit tax
Satisfying the stripper-well property definition for Windfall Profit Tax exemption
Related Subjects
031000* -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294003 -- Energy Planning & Policy-- Natural Gas
BITUMINOUS MATERIALS
BLACK SHALES
CARBONACEOUS MATERIALS
CHATTANOOGA FORMATION
COAL DEPOSITS
COAL SEAMS
COGENERATION
DEUS
DEVONIAN PERIOD
ENERGY SOURCES
ENERGY SYSTEMS
EVALUATION
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
FURNACES
GAS FUELS
GAS FURNACES
GASES
GEOLOGIC AGES
GEOLOGIC DEPOSITS
GEOLOGIC FORMATIONS
GEOPRESSURED SYSTEMS
INDUSTRY
MATERIALS
MINERAL RESOURCES
NATURAL GAS
NATURAL GAS DEPOSITS
NATURAL GAS INDUSTRY
OIL SHALES
PALEOZOIC ERA
PERMEABILITY
POWER GENERATION
RESOURCES
STEAM GENERATION
TAX CREDITS
TAXES
WINDFALL PROFITS TAX