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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 610 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 610

 To amend the Internal Revenue Code of 1986 to reinstate the windfall 
profit tax on domestic crude oil and to appropriate the proceeds of the 
                tax to the Resolution Trust Corporation.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 1993

Mr. Kanjorski introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
 To amend the Internal Revenue Code of 1986 to reinstate the windfall 
profit tax on domestic crude oil and to appropriate the proceeds of the 
                tax to the Resolution Trust Corporation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REINSTATEMENT OF WINDFALL PROFIT TAX ON DOMESTIC CRUDE OIL.

    (a) In General.--Subtitle D of the Internal Revenue Code of 1986 
(relating to excise taxes) is amended by inserting after chapter 44 the 
chapter 45 (relating to windfall profit tax on domestic crude oil) of 
such Code as in effect on the day before the date of the enactment of 
Public Law 100-418.
    (b) Termination of Tax Linked to Existence of Resolution Trust 
Corporation.--
            (1) Section 4990 of such Code (as added by subsection (a)) 
        is amended to read as follows:

``SEC. 4990. TERMINATION OF TAX.

    ``The tax imposed by this chapter shall not apply after the last 
full month the Resolution Trust Corporation is in existence.''
            (2) The table of sections for subchapter A of chapter 45 of 
        such Code (as so added) is amended by striking the item 
        relating to section 4990 and inserting the following new item:

                              ``Sec. 4990. Termination of tax.''
    (c) Modification of Category of Newly Discovered Oil.--Paragraph 
(2) of section 4991(e) of such Code (as added by subsection (a)) is 
amended by adding at the end thereof the following new sentence: ``Such 
term shall not include any oil produced from a well drilled before 
August 1, 1990, and shall not include any oil produced from a well 
drilled on or after such date on any property the principal value of 
which has been demonstrated by prospecting or exploration or discovery 
work.''
    (d) Conforming Amendments.--Section 1941(b) of the Omnibus Trade 
and Competitiveness Act of 1988 (and the amendments made by such 
section) are hereby repealed, and the Internal Revenue Code of 1986 
shall be applied and administered as if such section (and amendments) 
had never been enacted.
    (e) Effective Date.--The amendments made by this section shall 
apply to oil removed from the premises in calendar months beginning 
after the date of the enactment of this Act.

SEC. 2. REVENUES FROM WINDFALL PROFIT TAX TO BE USED BY RESOLUTION 
              TRUST CORPORATION.

    There are hereby appropriated to the Resolution Trust Corporation 
amounts equivalent to the taxes received in the Treasury under chapter 
45 of the Internal Revenue Code of 1986 to be used to carry out the 
functions of such Corporation.

                                 <all>
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