Page:United States Statutes at Large Volume 94 Part 1.djvu/280

 94 STAT. 230

PUBLIC LAW 96-223—APR. 2, 1980 TITLE m—LOW-INCX)ME ENERGY ASSISTANCE Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

301. 302. 303. 304. 305. 306. 307. 308. 309. 310. 311. 312. 313.

Short title. Statement of findings and purpose. Definitions. Home energy grants authorized. Eligible households. Allotments. Uses of home energy grants. State plans. Uniform data collection. Payments. Withholding. Criminal penalties. Administration. TITLE IV—MISCELLANEOUS PROVISIONS

Sec. Sec. Sec. Sec.

401. 402. 403. 404.

Repeal of carryover basis. Disapproval of Presidential actions adjusting oil imports. Qualified liquidations of LIFO inventories. Exemption of certain interest income from tax.

TITLE I—WINDFALL PROFIT TAX ON DOMESTIC CRUDE OIL SEC. 101. WINDFALL PROFIT TAX. (a) IN GENERAL.— (1) AMENDMENT OF SUBTITLE D.—Subtitle D (relating to miscel-

laneous excise taxes) is amended by adding at the end thereof the following new chapter:

"CHAPTER 45—WINDFALL PROFIT TAX ON DOMESTIC CRUDE OIL "SUBCHAPTER A. Imposition and amount of tax. "SUBCHAPTER B. Categories of oil.

"SUBCHAPTER C. Miscellaneous provisions.

"Subchapter A—Imposition and Amount of Tax "Sec. "Sec. "Sec. "Sec. "Sec. 26 USC 4986.

4986. 4987. 4988. 4989. 4990.

Imposition of tax. Amount of tax. Windfall profit; removal price. Adjusted base price. Phaseout of tax.

"SEC. 4986. IMPOSITION OF TAX.

"(a) IMPOSITION OF TAX.—An excise tax is hereby imposed on the windfall profit from taxable crude oil removed from the premises during each taxable period. "G)) TAX PAID BY PRODUCER.—The t«uc imposed by this section shall be paid by the producer of the crude oil. 26 USC 4987.

"SEC. 4987. AMOUNT OF TAX.

"(a) IN GENERAL.—The amount of tax imposed by section 4986 with respect to any barrel of taxable crude oil shall be the applicable percentage of the windfall profit on such barrel. "(b) APPLICABLE PERCENTAGE.—For purposes of subsection (a)— "(1) GENERAL RULE FOR TIERS i AND 2.—The applicable percentage for tier 1 oil and tier 2 oil which is not independent producer oil is—

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