Energy Development Tax Incentive Act of 1979
Latest action. Referred to House Committee on Ways and Means.
Energy Development Tax Incentive Act of 1979 - Amends the Internal Revenue Code to impose an additional excise tax upon major oil producers based upon the extent that such producers make investments to acquire significant ownership interests (ten percent voting stock interest) in business enterprises which are unrelated to the exploration for, development, production, transportation, or sale of energy or energy products. Provides that such tax shall be equal to 100 percent of the cost of such investment, but shall not exceed the producer's windfall profits (reduced by any windfall profits tax) for the taxable period. Defines "major producer" as a corporation, or controlled group of corporations, which produces or has an economic interest in a total of at least 30,000,000 barrels of crude oil, condensate, and natural gas liquids within the United States during the calendar year 1976. Terminates such tax after December 31, 1986.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 11, 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 July 11, 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?
RICHARD GEPHARDT (D-MO) introduced it on July 11, 1979. No cosponsors are recorded.
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 July 11, 1979, 17228 days ago. The most recent recorded action was 17228 days ago, on July 11, 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