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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Windfall Oil Profits Tax Act of 1990

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to reinstate the windfall profit tax on domestic crude oil, and for other purposes.


Actions Overview (1)

Date
10/24/1990Introduced in House

All Actions (2)

Date
10/24/1990Referred to the House Committee on Ways and Means.
Action By: House of Representatives
10/24/1990Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means10/24/1990 Referred to

No related bill information was received for H.R.5912.


Subjects (10)


Latest Summary (1)

There is one summary for H.R.5912. View summaries

Shown Here:
Introduced in House (10/24/1990)

Windfall Oil Profits Tax Act of 1990 - Amends the Internal Revenue Code to reinstate the windfall profit tax on domestic crude oil. Revises the inflation adjustment and declares the base price to be the average price per barrel of taxable crude oil during the four-month period ending on July 31, 1990, as determined by the Secretary of the Treasury. Repeals the phaseout of the tax, thus making the tax permanent law. Limits the category of newly discovered oil to oil from newly drilled wells in previously unproven oil or gas property.

Establishes the Alternative Energy Technology and Energy Conservation Trust Fund to carry out programs to develop: (1) alternative energy sources and technologies that do not adversely affect the environment; and (2) methods of energy conservation that are cost-effective for the general public to employ. Appropriates a percentage of the windfall profit tax to such Fund.