Page:United States Statutes at Large Volume 94 Part 1.djvu/285

 PUBLIC LAW 96-223—APR. 2, 1980

94 STAT. 235

In no event shall the target month be later than December 1990. "(d) DETERMINATION OF AGGREGATE NET WINDFALL REVENUE.— "(1) ESTIMATE BY THE SECRETARY.—For each month after 1986,

the Secretary shall make an estimate of the aggregate net windfall revenue as of the close of such month. Any such estimate shall be made during the preceding month and shall be made on the basis of the best available data as of the date of making such estimate. "(2) PUBLICATION.—If the Secretary estimates under para- Publication in graph (1) that the aggregate net windfall revenue as of the close federal of any month will exceed $227,300,000,000, the Secretary shall "agister, (not later than the last day of the preceding month) publish notice in the Federal Register that he has made such an estimate for such month. "(3) AGGREGATE NET WINDFALL REVENUE DEFINED.—For purposes of this subsection, the term 'aggregate net windfall revenue' means the amount which the Secretary estimates to be the excess of— "(A) the gross revenues from the tax imposed by section 4986 during the period beginning on March 1, 1980, and ending on the last day of the month for which the estimate is being made, over "(B) the sum of— "(i) the refunds of and other adjustments to such tax for such period, plus "(ii) the decrease in the income taxes imposed by chapter 1 resulting from the tax imposed by section 4986. For purposes of subparagraph (A), there shall not be taken into account any revenue attributable to an economic interest in crude oil held by the United States. "Subchapter B—Categories of Oil "Sec. "Sec. "Sec. "Sec.

4991. 4992. 4993. 4994.

Taxable crude oil; categories of oil. Independent producer oil. Incremental tertiary oil. Definitions and special rules relating to exemptions.

"SEC. 4991. TAXABLE CRUDE OIL; CATEGORIES OF OIL.

"(a) TAXABLE CRUDE OIL.—For purposes of this chapter, the term 'taxable crude oil' means all domestic crude oil other than exempt oil. "(b) EXEMPT OIL.—For purposes of this chapter, the term 'exempt oil' means— "(1) any crude oil from a qualified governmental interest or a qualified charitable interest, "(2) any exempt Indian oil, "(3) any exempt Alaskan oil, and "(4) any exempt front-end oil. "(c) TIER 1 OIL.—For purposes of this chapter, the term 'tier 1 oil* means any taxable crude oil other than— "(1) tier 2 oil, and "(2) tier 3 oil. "(d) TIER 2 OIL.—For purposes of this chapter— "(1) IN GENERAL.—Except as provided in paragraph (2), the term 'tier 2 oil' means— "(A) any oil which is from a stripper well property within the meaning of the June 1979 energy regulations, and

26 USC 4991.

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