CRUDE OIL WINDFALL PROFIT TAX OF 1980 (Public Law 96–223 [H.R. 3919]; April 2, 1980) AN ACT To impose a windfall profit tax on domestic crude oil, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; AMENDMENT OF 1954 CODE; TABLE OF CONTENTS. (a) SHORT TITLE.-This Act may be cited as the "Crude Oil Windfall Profit Tax Act of 1980". (b) AMENDMENT OF 1954 CODE.-Except as otherwise expressly provided, whenever in this Act an amendment or repeal is ex-pressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954. (c) TABLE OF CONTENTS. Sec. 1. Short title; amendment of 1954 Code; table of contents. TITLE I-WINDFALL PROFIT TAX ON DOMESTIC CRUDE OIL Sec. 101. Windfall profit tax. Sec. 102. Allocation of net revenues from windfall profit tax to certain uses. Sec. 201. General provisions relating to credit. PART II-BUSINESS ENERGY INVESTMENT CREDITS Sec. 221. Changes in amount and period of application of energy percentage. Sec. 223. Other changes with respect to the investment credit for investment in energy property. PART III-PRODUCTION OF FUEL FROM NONCONVENTIONAL SOURCES; ALCOHOL FUELS Sec. 231. Production tax credit. Sec. 232. Alcohol fuels. PART IV-ENERGY-RELATED USES OF TAX EXEMPT BONDS Sec. 241. Solid waste disposal facilities. Sec. 242. Qualified hydroelectric generating facilities. Sec. 243. Renewable energy property. Sec. 244. Certain obligations must be in registered form and not guaranteed or subsidized under an energy program. PART V-TERTIARY INJECTANTS Sec. 251. Tertiary injectants. 76-923 0-81--6 TITLE III-LOW-INCOME ENERGY ASSISTANCE Sec. 301. Short title. Sec. 302. Statement of findings and purpose. Sec. 303. Definitions. Sec. 304. Home energy grants authorized. Sec. 305. Eligible households. Sec. 306. Allotments. Sec. 307. Uses of home energy grants. Sec. 308. State plans. Sec. 309. Uniform data collection. Sec. 310. Payments. Sec. 311. Withholding. Sec. 312. Criminal penalties. Sec. 313. Administration. TITLE IV-MISCELLANEOUS PROVISIONS Sec. 401. Repeal of carryover basis. Sec. 402. Disapproval of Presidential actions adjusting oil imports. Sec. 404. Exemption of certain interest income from tax. TITLE I-WINDFALL PROFIT TAX ON SEC. 101. WINDFALL PROFIT TAX. (a) IN GENERAL. (1) AMENDMENT OF SUBTITLE D.-Subtitle D (relating to miscellaneous excise taxes) is amended by adding at the end thereof the following new chapter: "CHAPTER 45-WINDFALL PROFIT TAX ON "SUBCHAPTER A. Imposition and amount of tax. "SUBCHAPTER B. Categories of oil. "SUBCHAPTER C. Miscellaneous provisions. "Subchapter A-Imposition and Amount of Tax "Sec. 4986. Imposition of tax. "Sec. 4987. Amount of tax. "Sec. 4988. Windfall profit; removal price. "Sec. 4989. Adjusted base price. "Sec. 4990. 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. "(b) TAX PAID BY PRODUCER.-The tax imposed by this section shall be paid by the producer of the crude oil. "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)— |