Hearings, Reports and Prints of the House Committee on Ways and MeansU.S. Government Printing Office, 1974 |
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abroad additional Administration Administration's American amount average barrels daily base period capital cent Committee Congress consumers corporations deduction depletion allowance depreciation dollar domestic crude oil domestic oil earnings economic effect eliminate Emergency Windfall Profits energy crisis energy sources excess profits tax excise tax expenditures exploration and development Exxon Federal foreign income taxes foreign oil foreign operations foreign source foreign tax credit fuel imports imposed intangible drilling costs investment lease legislation million barrels natural gas oil and gas oil industry oil prices oil producers oil shale OPEC overall percent percentage depletion petroleum industry price controls price increases problem production rate of return rate Taxed reduce refineries refining reinvestment reserves result revenues royalties shortage Sohio tax incentives tax policy tax rate taxable income taxation Taxed at normal taxpayer tion U.S. companies U.S. oil U.S. tax United windfall profits tax windfall tax
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Stran 18 - (3) Section 12 (relating to cross references relating to tax on corporations) is amended by adding at the end thereof the following new paragraph: "(9) For emergency windfall profits tax, see section 1601.
Stran 21 - unused foreign tax credits cannot reduce the US tax on US income. The foreign tax rules apply uniformly to all US corporations operating abroad. Any increase in the foreign tax simply increases the unused tax credit. For example, if the foreign tax rate in Exhibit II were increased to 60%, the unused credit would increase by
Stran 4 - has vanished. Appendix A shows the estimated increase in oil production income going to the exporting nations over the past four years. In the case of Arabian Light crude from the Persian Gulf, the host nations in 1970 were realizing slightly less than $1.00 per barrel as their share of the income
Stran 5 - roughly on par with other petroleum exporters. These external forces have also resulted in higher prices for domestic crude, a subject which will be dealt with in more detail in the testimony which will follow. At the same time, more realistic prices for domestic oil and gas are already generating a