Foreign Petroleum Income Tax Act
Latest action. Referred to Senate Committee on Finance.
Foreign Petroleum Income Tax Act - Imposes an 80 percent income tax on excess petroleum profits income. Sets forth the definition of the term excess petroleum profits income. States that the provisions of this Act shall apply for any taxable year to any domestic corporation which has petroleum profits income from sources without the United States in an amount equal to, or in excess of, 20 percent of its total petroleum profits income for the taxable year. Authorizes the Secretary of the Treasury to prescribe such regulations as may be necessary to carry out the provisions of this Act. Provides that the provisions of this Act do not apply to any part of the taxable income of a corporation for the taxable year which is excess petroleum profits income of that corporation for the taxable year. Directs the Secretary of the Treasury or his delegate to, as soon as practicable but in any event not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives a draft of any technical and conforming changes in the Internal Revenue Code of 1954 which are necessary to reflect throughout such Code changes in the substantive provisions of law made by this Act. States that the amendments made by this Act apply with respect to taxable years ending after December 31, 1973.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on March 8, 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 March 8, 1974: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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?
FLOYD HASKELL (D-CO) introduced it on March 8, 1974, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
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 March 8, 1974, 19179 days ago. The most recent recorded action was 19179 days ago, on March 8, 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers