H.R.5912 - Windfall Oil Profits Tax Act of 1990101st Congress (1989-1990)
Summary: H.R.5912 — 101st Congress (1989-1990)
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.