Allocation of windfall profit tax revenues fiscal year 1981 communication of the president of the United States transmitting the proposed allocation of the net revenues expected under the Crude Oil Windfall Profit Tax Act of 1980, pursuant to section 120(d) of the act by United States. President (1977-1981 : Carter)

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Subjects:

  • Budget -- United States,
  • Petroleum -- Taxation -- United States

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SeriesHouse document -- no. 96-343, House document (United States. Congress. House) -- 96th Congress, 2nd session, no. 96-343
ContributionsCarter, Jimmy, 1924-, United States. Congress. House. Committee on Ways and Means
The Physical Object
Pagination5 p. ;
ID Numbers
Open LibraryOL14218413M

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Get this from a library. Allocation of windfall profit tax revenues fiscal year communication of the president of the United States transmitting the proposed allocation of the net revenues expected under the Crude Oil Windfall Profit Tax Act ofpursuant to section (d) of the act.

[Jimmy Carter; United States. President ( Carter); United States. United Kingdom. In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies. United States.

Inthe United States enacted the Crude Oil Windfall Profit Tax Act (P.L. ) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices.

The Act was intended to recoup the revenue earned by oil producers as a. Windfall Profit Tax, By Rashida Beial* Windfall profit tax liability after adjustments for the second quarter of amounted to approximately $ billion, bringing the first half of Calendar Year total to $ billion.

Below is a summary of windfall profit tax lia~J:Lity by quarter and cumulatively since the inception of the. Windfall Profit Tax, By Phil Clark• Windfall profit tax liability after adjustments for the first quarter of amounted to approximately $ billion, according to preliminary data.

This represents almost 42 percent of the total liability reported since the tax went into effect in Shown Here: Conference report filed in House (03/07/) (Conference report filed in House, H. Rept. ) Crude Oil Windfall Profit Tax Act of - =Title I: Windfall Profit Tax on Domestic Crude Oil= - Amends the Internal Revenue Code to impose upon domestic oil producers an excise tax on the windfall profit from taxable crude oil produced during each taxable period (March and each.

A sudden, unexpected profit or gain.A windfall may occur, for example, after a company announces an earnings surprise and its stock consequently jumps significantly. Companies may also experience windfall when demand for their products skyrockets; for example, an umbrella manufacturer may see windfall during an especially rainy year.

See also: Windfall shares, Windfall tax. IRS's Administration of the Crude Oil Windfall Profit Tax Act of GAO/GGD-J ; and U.S. General Accounting Office. Uncertainties About theDefinition and Scope of the Property Concept May Reduce Windfall Profit Tax Revenues.

GAO/GGD, 42 U.S. General Accounting Office. [jointcommitteeprint] generalexplanation ofthe crudeoilwindfallprofittax actof (h.r,96thcongress;publiclaw) preparedbythestaffofthe jointcommitteeontaxation. Reagan lifted remaining domestic petroleum price and allocation controls on Januand lowered the oil windfall profits tax in August He ended the oil windfall profits tax in During the first year of Reagan's presidency, federal income tax rates were lowered significantly with the signing of the Economic Recovery Tax Act.

Windfall profits tax synonyms, Windfall profits tax pronunciation, Windfall profits tax translation, English dictionary definition of Windfall profits tax. n a tax levied on an organization considered to have made excessive profits, esp a privatized utility company that has exploited a monopoly.

The book consists of four edited and augmented Congressional Research Service (CRS) reports from toon the crude oil windfall profit tax of the s and implications for current energy policy; oil industry financial performance and the windfall profits tax; current status and analysis of gas tax subsidies; and the use of profit by the five major oil companies.

Windfall Tax: A tax levied by governments against certain industries when economic conditions allow those industries to experience above-average Author: Julia Kagan. The Windfall Profit Tax. more than $24 billion this year, if it was set at 50 percent of the profits on oil sales above $40 a barrel in -- that some could also be used to help consumers.

Tax Foundation economists estimate that U.S. companies currently spend nearly $ billion annually to comply with the federal income tax alone.

Enacting a new windfall profits tax would add an additional layer of complexity to the federal tax system. The past year. Allocation of Property Tax Revenues PGA (CSM) This amendment is effective beginning with claims filed for the July 1, through J period of reimbursement.

SUMMARY OF THE SOURCE OF THE MANDATES The provisions of Revenue and Taxation Code secti, As we discussed a few years ago, Carter's windfall profits tax fell far short of its projected revenues, partly because it discouraged domestic production and partly because worldwide economic events caused oil prices to fall sharply during the early s.

According to the Congressional Research Service, the Carter-era windfall profits tax:Author: Josh Barro. The imposition of a windfall tax on energy companies is supported by a majority of the public and many politicians.

Revenues would be used to support low-income households struggling to pay gas and electricity bills following a series of steep price rises. Yet consideration of the economic impacts of such a measure should lead to its Continue reading "The economics of windfall taxes".

Don’t book that around-the-world cruise just yet, because your sudden windfall has tax consequences. By Molly McCluskey, Contributor March 3, By Molly McCluskey, Author: Molly Mccluskey. H.R. (the Windfall Profits Tax bill) has been adopted by both Houses of Congress.

It was first enacted by the House of Representatives, which passed the bill on June 28 with a voice vote. windfall profits tax: Ad valorem tax or flat tax imposed on inordinate and sudden increase in the income or profit of a firm or industry. A windfall profit tax targeted at earnings far beyond the U.S.

industrial average would return zero revenue to the Treasury because windfall profits. The windfall profit tax imposed on the corporation would be borne primarily by the shareholders while the employees who receive the outsized bonus would virtually escape unscathed.

I would recommend making the bonus exceeding 1, be subject to payroll tax instead. This work explains background, history, rationales, policy and economic contexts, and consequences of bills introduced in Congress to impose a windfall profits tax on oil--that is, a tax on oil industry income that is due primarily to rising crude oil prices, not new production or investment.

THE BUDGET FOR FISCAL YEAR is $ billion higher than the current services level of $ billion due primarily to the windfall profit tax proposal. Forthe administration's estimate of outlays is $ billion above the current services level, and budget authority is $ billion above the current services level.

1. Create a pension. Don't be discouraged by the paltry IRA or (k) contribution limits. A defined-benefit pension can allow you to shield a large sum of. The windfall profit tax is, in principle, a modified ad valorem excise tax. The tax base, labeled the "windfall profit," is determined by subtracting a base price and an adjustment for state severance taxes from the price for which a barrel of crude oil is sold.

5 In no event, however, may the windfall profit per. Tax Revenues Are a Windfall for Louisiana. which officials believe may still havemore residents than it did a year ago, tax revenue was up more than 22 percent in Author: Leslie Eaton.

LESSONS FOR TAX REFORMERS FROM THE HISTORY OF THE ENERGY TAX INCENTIVES IN THE WINDFALL PROFIT TAX ACT OF t ROBERT S. MCINTYRE* On Maafter almost a year of consideration, Congress ap-proved a windfall profit tax on the increased revenues which oil producers will realize from decontrol of domestic oil prices.'.

The analysis found that each year a "mature marijuana industry could generate up to $28 billion in tax revenues for federal, state, and local governments, including $7 billion in federal revenue. Manual application for Windfall Tax License can be made with 3 copies of JKED No.1 at the customs office nearest to the business.

Official letter of application. Authorisation letter to person appointed to deal with Royal Malaysian Customs Department. Company’s registration documents issued by SSM. Memorandum & Articles of Association. Windfall Accounting Tax Updated Nov. 30, am ET Just when you think Congress can't possibly be more destructive, the Members surprise you again.

Fiscal Studies () vol. 18, no. 3, pp. – The Windfall Tax LUCY CHENNELLS * Abstract This paper analyses the windfall tax on the privatised utilities, introduced in the Budget.

It describes the main arguments put forward for the tax and sets out the details of. Let's get one thing straight: The oil levy imposed in was called the "crude oil windfall profit tax" (WPT).

Note the singular "profit," a useful reminder that this tax should never be confused with the "excess profits tax" imposed during World War I, World War II, and the Korean War. "The windfall profits tax has nothing to do, in fact, with profits," observed The Washington Post in   Experts Weigh Obama Windfall Profits Proposal The Washington Post's E.J.

Dionne says Barack Obama's call for a windfall profit tax on oil firms is an answer to. Both Matthew Yglesias and John Cole agree that the Obama/Clinton proposal to tax the “windfall profits” of the oil companies is a bad idea, and you’ll get no argument from me.

However, one. Windfall Tax to Raise Almost Five Billion The Government aims to raise almost five billion pounds from its tax on privatised utilities. Gordon Brown told a packed Commons that the £ billion.

• The Council’s current forecast is that General Fund tax revenues will grow by % in FYto $ billion. • The revenue growth for the first six months of the fiscal year (%) is higher than the forecast rate for the full year.

• The last six months of the fiscal year generally provide more. President Jimmy Carter signed the Crude Oil Windfall Profits Tax Act into effect on April 2, The tax was imposed on the difference between the market price of oil and a government-determined base price.

As shown in Figure 2, the windfall profits tax was forecasted to. The bulk of these revenues go into the Louisiana Investment Fund for Enhancement (La. Rev. Stat. Several states have considered, but not adopted, “windfall profit” taxes on energy companies in recent years.

These include. SB (, Hawaii) which would have imposed a “windfall profits” tax of 50% or more on gasoline. Oil Industry Financial Performance and the Windfall Profits Tax Summary Over the past 10 years, surging crude oil and petroleum product prices have increased oil and gas industry revenues and generated record profits, particularly for the top five major integrated companies (also known as the “super-majors”): Exxon- Mobil, Royal Dutch Shell, BP, Chevron, and Conoco/Phillips.

5 Ways to Reduce Your Taxes After a Windfall Gain. you can try to time your sale in a tax year that will be most beneficial. II and V of the concurrent resolution on the budget for fiscal.

The current economic downturn has resulted in a sharp decline in state tax revenues. Forty-six states faced budget shortfalls when passing their fiscal year (FY) budgets, and 17 states reported shortfalls of more than 20 percent.

According to the National Association of State Budget Officers, in tandem with budget cuts, 40 states enacted legislation to raise tax revenues in some form.In response to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) administration of the Crude Oil Windfall Profit Tax Act of GAO noted that the crude oil tax was designed to tax the difference between the free market price of a barrel of oil and its controlled price under Department of Energy regulations.

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