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

B-198251 1 (1980-03-27)

handle is hein.gao/gaobabjez0001 and id is 1 raw text is: COPR RCXrNERIAL, OF THE UNITED ST-ATES 'I WASIIINGTrnl P.C. j0348 H-198251,.areh 27, 1980 The Honorable hlenry Belmon _ r2,. United States Senate Dear Senator Bellmon: In response to your letter of March 24, 1980, we have ex:amined Section 102 of H.R. 3919, the Crude Oil Win4fall. Profit Tax Act of 1380, and offer the follow- ing comments: 1. Subsections (a) and (b) address the manner in which net revenues of the windfall profit tax, as defined by sub- section (c), are to be accounted for, Instead of placement into miscellaneous receipts, these revenues are to be seg- regated into separate accounts and further divided into sub-accounts for specific uses. In our view, the placement man- dated is analogous to the creation of trust funds, although not: so labeled. 2. Of course, none of these revenues can be obligated or spent except in consequence of appropriations made by law. (Article I section 9 of the United States Consti- tution.) Subsection (d) is evidently intended to set this process in motion by requiring the President to submit proposals for using this money(within the constraints of subsection (b)), as part of his annual budget submission to the ccngress. The wording. of subsection (d) (1) does not really achieve this pur- pose, however, it directs the, President. to propose an allocation of the net revenues among the uses set forth in sub- section (b) . However, the allocation has already been accomplished by means of the specification of percentages in subsection (b). We suggest instead that the President be required to propose the manner in which he wishes to use the funds within each broad purpose category established by subsection (b). - ............... .. . £ I ~

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