The windfall profits tax act

Act, windfall profits of crude oil from 1980 (PL96-223) put in one place domestic crude oil excise tax. President Jimmy Carter signed on 2 April 1980. It was released in 1988. HistoryRep. May 3, 1979, beat al Ullman, a Democrat from Oregon HR 3919. Parliament approved the amended on June 28, 1979. 17 December 1979 the Senate approved its version. After three months of negotiations, President Carter signed the final on April 2, projected 1980.PurposeOne financed using tax credits for alternative fuels. (He produced 80 billion in gross revenue for the Federal Government from 1980 to 1988, no projection $393 billion.CategoriesThe law divided 1 oil) domestic oil "good" stripper (a nears end of its productive lives) and the naval reserve oil; (2) Oil found after 1978, heavy oil and oil produced on the level of the basis of production; (and 3) all other domestic oil, liberated tax.RepealThe Act was repealed by the omnibus trade and competitiveness Act of 1988 opponent, said that he generated a competitive burden on oil industry sales was easy and encouraged dependence on foreign oil.