Oil and Gas Energy Tax Act
Latest action. Reported to House from the Committee on Ways and Means, H. Rept. 93-1028 (Part II).
Oil and Gas Energy Tax Act - Title I: Tax Treatment of Domestic Oil and Gas Production - Imposes, under the Internal Revenue Code, an excise tax on the windfall profits from domestic crude oil removed from the premises. Prescribes the procedure for calculating the amount of such tax, allowing a plowback credit against such tax. Defines the terms used, including "windfall profit," and sets forth special rules governing this Act. Provides an exemption from the tax where a tax-exempt organization is prohibited from plowing back. Requires: (1) each person liable for the tax, (2) each partnership, trust, or estate producing domestic crude oil, (3) each purchaser of domestic crude oil, and (4) each operator of a well producing domestic crude oil; to keep records and returns with respect to such oil. Prescribes the time for filing a return of the windfall profits tax. Requires the purchaser of domestic crude oil to furnish, to the person liable for the tax, a monthly statement of specified costs, amounts, and prices. Imposes criminal penalties on persons willfully failing to furnish information required under this Act. Requires that specified information be furnished to partners and beneficiaries of estates and trusts. Provides for a phase-out of the percentage depletion for domestic oil and gas production. Permits a taxpayer to elect (1) the 3,000 barrel-a-day exemption; (2) the stripper well exemption; or (3) the Arctic Circle exemption. Provides an exemption for regulated natural gas and natural gas sold under fixed contract. Prescribes special rules governing geothermal energy. Provides that, in the case of oil and gas wells, the tax treatment which applies to the taxpayer's intangible drilling and development costs shall also apply to his domestic geological and geophysical costs. Outlines the rules governing the treatment, for purposes of the investment credit, of specified property used in international or territorial waters. Title II: Tax Treatment of Foreign Oil and Gas Production - Repeals the percentage depletion for foreign oil and gas wells. Sets limits on the foreign taxes attributable to foreign oil and gas extraction income. Provides for the separate computation of foreign tax credit for oil and gas related income. Provides for the denial of Domestic International Services Corporation benefits with respect to energy resources. Sets forth the rules governing the imposition of quantitative limitations, duties, taxes, or fees on the importation of petroleum and its products. Sets forth the effective dates of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 30, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on June 10, 1974: Reported to House from the Committee on Ways and Means, H. Rept. 93-1028 (Part II).
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILBUR MILLS (D-AR) introduced it on April 30, 1974, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 30, 1974, 19126 days ago. The most recent recorded action was 19085 days ago, on June 10, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers