S 1707 · 95th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to provide a wellhead tax on oil.

Introduced 1977-06-16· Sponsored by Sen. Bellmon, Henry L. [R-OK]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1977-06-16)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose a wellhead excise tax on crude oil production which would penalize producers who "plowback" fewer funds into new production. Repeals the President's authority, after 1977, to determine prices for crude, residual and refined oil and petroleum products under the Emergency Petroleum Allocation Act.…

Summarized by Claude AI · Non-partisan · For informational purposes only