H.R. 7127 (96th): A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of royalty owners under the crude oil windfall profit tax.

Introduced:
Apr 22, 1980 (96th Congress, 1979–1980)
Sponsor:
Rep. Keith Sebelius [R-KS1]
Status:
Died (Referred to Committee)
See Instead:

H.R. 7481 (same title)
Referred to Committee — Jun 03, 1980

H.R. 7211 (same title)
Referred to Committee — Apr 29, 1980

S. 2848 (same title)
Referred to Committee — Jun 19, 1980

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 22, 1980, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 22, 1980
Cosponsors
70 cosponsors (38R, 32D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/22/1980--Introduced.
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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