Oil Industry Tax Reform Act of 1979
Latest action. Referred to House Committee on Ways and Means.
Oil Industry Tax Reform Act of 1979 - Amends the Internal Revenue Code to repeal the percentage depletion allowance for independent oil and gas producers and royalty owners. Repeals the tax treatment of intangible drilling and development costs for oil and gas wells (except nonproductive wells) as currently deductible expenses. Requires such costs to be capitalized and amortized over a 168 month period. Disallows an income tax credit for foreign taxes paid by domestic corporations on foreign oil related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on May 16, 1979. 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 May 16, 1979: Referred to House Committee on Ways and Means.
- 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
CHARLES VANIK (D-OH) introduced it on May 16, 1979, and 20 members have since signed on as cosponsors.
They come from both major parties: 19 Democrats, 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 May 16, 1979, 17284 days ago. The most recent recorded action was 17284 days ago, on May 16, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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