HR 8216 · 96th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to provide for royalty owners and independent producers an annual $1,200 credit against the crude oil windfall profit tax, and for other purposes.

Introduced 1980-09-25· Sponsored by Rep. Leach, Claude (Buddy), Jr. [D-LA-4]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1980-09-25)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow royalty owners and independent producers a $300 quarterly refundable credit against the crude oil windfall profit tax. Denies any income tax deduction for amounts taken as such credits.…

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