HR 7300 · 96th Congress · Taxation
A bill to amend the Internal Revenue Code of 1954 to exempt independent producer oil from the windfall profit tax and to allow certain royalty owners the exemption for such oil.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1980-05-07)
Plain Language Summary
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Amends the Internal Revenue Code to exempt from the windfall profit tax: (1) independent producer oil; and (2) royalty interests attributable to ownership of the property from which such oil is produced.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (20)
9 Democrats11 Republicans