Crude oil ''Windfall Profit'' Tax Act of 1980

Journal Article · Tue Jan 01 04:00:00 EST 1980 · Energy Law J.; (United States)

OSTI ID:6485159

Logan, J S

Administrative problems and compliance planning opportunities are the focus of this overview of the windfall profit tax on crude oil, which is actually an excise tax of a portion of domestic crude oil revenues that is tied to the removal of existing price controls on domestic crude oil. The retroactive effective date of the statute meant that the Internal Revenue Service had to draft and issue interim rules in haste, and now has to mesh the interim and final regulations with the petroleum industry's regular business practices. Producers, purchasers, and other who are affected by the tax should be alert to potential problems as well as planning opportunities that may develop during this process. The author provides a roadmap through the existing interim regulations to help interpret new changes. 204 references.

• Research Organization: Kirkland and Ellis, Washington, DC
• OSTI ID: 6485159
• Journal Information: Energy Law J.; (United States), Journal Name: Energy Law J.; (United States) Vol. 1:2; ISSN ELJOE
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002 -- Energy Planning & Policy-- Petroleum
ADMINISTRATIVE PROCEDURES
COMPLIANCE
DEREGULATION
ENERGY SOURCES
FOSSIL FUELS
FUELS
INDUSTRY
NATIONAL ORGANIZATIONS
PETROLEUM
PETROLEUM INDUSTRY
PRICES
REGULATIONS
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
WINDFALL PROFITS TAX