About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

3 Federal Tax Program Evaluator 1 (1982)

handle is hein.tera/ftaxamor0004 and id is 1 raw text is: FEDEBALTAX PROGRAM EVALUATOR Analysis of Proposed Federal Tax Legislation and Major Programs Affecting the Capital Formation Sector Office of Tax Policy Tax Foundation Incorporated 1875 Connecticut Avenue, N.W. Washington, D.C. 20009 May 2, 1982 Vol. III No. 1 ENERGY TAXATION Contents I. Introduction II. Methods of Additional Taxation A. Oil Import Fee B. Windfall Profits Tax on Natural Gas C. BTU Tax D. Gasoline Excise Tax qII. Economic Impact IV. APPENDIX: Summary of Domestic Tax Treatment of the Energy Industry A. Corporate Income Tax B. Windfall Profits Tax on Domestic Crude Oil I. INTRODUCTION Throughout the development of the tax code the energy industry, particularly those companies involved in the extraction of fossil fuels, has been singled out from time to time for differential treatment. Provisions allowing companies to expense exploration and development costs and deduct a depletion allowance based on a percentage of gross income have been significant for the industry. But the petroleum industry has lost percentage depletion, has been subject to an excise tax on domestically produced crude oil, and has faced new restrictions on the tax treatment of its foreign source income. The rationale for special treatment of the energy market derives from several factors. First, it's claimed that the economic costs associated with air pollution from the burning of fossil fuels, environmental damage from oil spills, strip mining and exploration may not be sufficiently accounted for in the market price of energy products. The Federal government has intervened through tax measures and regulation in bn effort to account for environmental and other social costs. Secondly, the Federal government has determined that, in the interest of national security, it is necessary to protect ourselves from the politically motivated oil

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most