Miscellaneous Reconciliation Issues Proposed By the Administration And Various House Committees Relating to Tax Treatment of Overseas Private Investment Corporation, Exclusions for Certain Overseas Allowances Received By Defense Department Personnel, Nonr
Miscellaneous Reconciliation Issues Proposed By the Administration And Various House Committees Relating to Tax Treatment of Overseas Private Investment Corporation, Exclusions for Certain Overseas Allowances Received By Defense Department Personnel, Nonr
United States. Congress. Joint Committee On Taxation
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Petroleum Tax for Oil Spill Liability Trust Fund Present Law Present law (Internal Revenue Code sec. 4611) establishes an excise tax at the rate of 1.3 cents per barrel on domestic crude oil and imported petroleum products (including imported crude oil) for the purpose of funding the Oil Spill Liability Trust Fund. However, the tax will not be imposed until the enactment of qualified authorizing legislation.^ Although the tax itself wa^ enacted in 1986, qualified authorizing legislation has nev...er been enacted. Consequently, this tax has never been collected. The tax on domestic crude oil would be imposed on the operator of any United States refinery receiving such crude oil, while the tax on imported petroleum products would be imposed on the person entering the product into the United States for consumption, use, or warehousing. If domestic crude oil were used in, or exported from, the United States before imposition of the petroleum tax, the tax would be imposed on the user or exporter of the oil.
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