legislation: 96-s-3210

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
96-s-3210 96 s 3210 Fair Deal Amendments of 1980 Taxation 1980-11-18 1980-11-18 Referred to Senate Committee on Finance. Senate Sen. Moynihan, Daniel Patrick [D-NY] NY D M001054 0 Fair Deal Amendment of 1980 - Amends the Internal Revenue Code to allow a crude oil producer to reduce his windfall profit tax liability by 25 percent of qualified State excess profits taxes actually paid by such producer. Limits such reduction to State taxes: (1) imposed (at a rate of no more than five percent) with respect to the gross receipts of oil companies only from sales within the State; or (2) imposed (at a rate of no more than ten percent) on a fraction of the producer's windfall profits represented by the ratio of such producer's total in-State sales of petroleum products to such producer's entire United States sales of such products; and (3) which are prohibited from being passed on to petroleum product purchasers. Requires that proceeds from any such State excess profits tax be dedicated to specified energy- related purposes. Disallows any income tax deduction for State excess profits taxes used as a basis for such reduction from the crude oil windfall profit tax. 2025-09-02T13:57:06Z  

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