Crude oil equalization tax

hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-fifth Congress, first session ... September 16 and 19, 1977.
  • 193 Pages
  • 1.86 MB
  • English
U.S. Govt. Print. Off. , Washington
Petroleum -- Taxation -- Law and legislation -- United St


United St

LC ClassificationsKF26 .E55 1977v
The Physical Object
Paginationiii, 193 p. :
ID Numbers
Open LibraryOL4373346M
LC Control Number78600903

Crude oil equalization tax by United States. Crude oil equalization tax book. Senate. Committee on Energy and Natural Resources.,U.S. Govt. Print. Off. edition, in EnglishPages: Get this from a library. Crude oil equalization tax: hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-fifth Congress, first session September 16 [United States.


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Senate. Committee on Energy and Natural Resources.]. Crude oil equalization tax [microform]: hearings before the Committee on Energy and Natural Resources, United States Senate, Ninety-fifth Congress, first.

One of Jimmy Carter's first proposals infor example, was something known as the crude oil equalization tax, which would have imposed an excise tax on domestic petroleum equal to the difference between domestic prices, which were then under federal price control, and.

Crude Oil Equalization Tax (COET) COET is designed to keep the producers’ prices controlled at levels comparable to the present laws, while increasing the refiners’ acquisition cost to the world price by The Federal tax is the difference between the controlled price and the world oil price.

Union Oil Company of California (hereafter, Union) was engaged in the business of refining crude oil into finished petroleum products. Petroleum coke is a solid byproduct of the refining processes. Much of the sulfur originally contained in the crude oil and almost all. United Kingdom.

In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies. United States. Inthe United States enacted the Crude Oil Windfall Profit Tax Act (P.L.

) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices.

The Act was intended to recoup the revenue earned by oil producers as a. The Canadian petroleum equalization system for Light Crude, Medium Crude and Condensate adjusts the value of each delivery to reflect quality differences.

This website supports the Equalization Steering Committee by providing relevant information and resources developed for administration of the equalization system. • Profits and income tax payments mirror the price of oil.

In when the price was low, the industry paid just $ million in federal and state income taxes. Inwith the real price of oil averaging over $63 per barrel, the industry paid a record $37 billion in corporate income taxes. An industry mechanism for adjusting the value of individual deliveries made to a commingled crude or condensate stream based on the difference in quality between the delivered quality.

The procedures contained in the Equalization Procedures Guide (Guide) provide the mechanism used by all batteries, terminals and pipelines that operate under this Guide for quality equalization [ ]. The final section is the very controversial proposal of a domestic crude oil tax designed to raise domestic oil prices to the world price level in order to encourage Reference is to the Crude Oil Equalization Tax.

↩ Energy Crisis, – Effective SeptemSenate Bill (Stats. ch 35) also expands the current marine water oil spill program to a state-wide program imposing the fee on a person owning crude oil or petroleum products at the time the crude oil or petroleum products are received at a refinery, by any mode of delivery that passed over, across, under.

The sharp increases in the price of crude oil in the s accentuated the distortions that resource revenues caused to equalization. Ottawa’s initial response was to keep domestic prices lower than world prices via an export tax that was used to subsidize imports.

Description Crude oil equalization tax PDF

Taxpayers who paid $, or more for any specific tax are required to transmit payments using TEXNET. If you paid $10, or more for the following: Sales/Use Tax; Franchise Tax; Bank Franchise Tax; Crude Oil Purchaser; Crude Oil Producer; Diesel Fuel; Direct Pay Sales Tax; Gasoline; Hotel Occupancy Tax; Insurance Premium; Mixed Beverage.

The President would then attach an equalization tax on crude oil at the wellhead, a tax that is equal to the difference between the controlled price and the world price. Net revenues from this tax would be returned to consumers in the form of a per capita energy credit, either against other taxes or in the longer run as part of a general tax.

to amend h.r. with a statement expressing the sense of the senate that the crude oil equalization tax should not be adopted in any form. This vote was related to a bill introduced by Rep.

Daniel Rostenkowski [D-IL5, ] on MaH.R. (95th): Energy Tax Act. the effects of crude oil price policy. Finally, we examine the new price controls and the "crude oil equalization tax" proposed as part of the Carter administration's "National Energy Plan." We show that both the EPAA and the EPCA controls, through the accompa-nying "entitlements" programs, have reduced refiners' total, average and marginal.

The dispute centers, therefore, on whether the sale of Westates' crude oil was "of a kind the gross receipts from the retail sale of which are required to be included in the measure of the sales tax" (§ ) or whether the sale was an "occasional [sale] of tangible personal property," exempt from taxation.

State Board of Equalization - Locally Assessed Property → Motor Vehicle Fuel Tax Claim for Refund (Government) Form 60 S Corporation Income Tax Booklet → Oil & Gas Tax Agreement Between The Three Affiliated Tribes and State of North Dakota →. Index: Manual for Valuation and Assessment of Oil and Gas Producing Property in New York State Valuation and assessment of oil and gas producing property in New York State Tentative Oil and Gas Unit of Production Values Letter.

Regulation Barrel of Crude Oil. Reference: Sections andRevenue and Taxation Code. Sections andGovernment Code. "Barrel of crude oil" means 42 United States gallons of crude oil in its unrefined or natural state, including condensate and natural gasoline, at standard conditions of temperature and pressure (60 degrees Fahrenheit and pounds per square.

The talk has turned to alternatives for what may become a legislative casualty — the tax on domestically produced petroleum, better known as the crude oil equalization tax. Crude oil production in the U.S. Gulf of Mexico dropped in August by the largest amount compared to the previous month since Septemberdue to shut-ins because of Hurricanes.

The Congressional Budget Office, the Congressional Research Service, and the General Accounting Office have all concluded that the crude oil equalization tax.

Crude oil has fallen 12 per cent this month to trade around $37 a barrel. Diesel and petrol prices are down 11 per cent and 14 per cent, respectively, since the beginning of September. State oil companies have, however, cut domestic rates of diesel and petrol by just per cent and per cent, respectively, in the same period.

The book analyzes such topics as the position of the US oil industry in the international market, the Entitlements Program, and the effects of the Emergency Petroleum Allocation Act ofthe Energy Policy and Conservation Act ofand the Crude Oil Windfall Profits Tax Act of references, 30 figures, 35 tables.

Other Texas Crude Oil Tax Forms. AP, Texas Crude Oil and Natural Gas Tax Questionnaire (PDF)Credit Transfer Form for Crude Oil Tax (PDF) AP, Texas Crude Oil Lease Exemption Application (PDF) AP, Texas Well Exemption Application (PDF)Assignment of Right to Refund (PDF)Limited Power of Attorney for Refunds.

Oil taxes (legislative): All domestic oil would become subject to a crude oil equalization tax applied in three equal stages beginning on January 1, When fully phased in, the tax per barrel would equal the difference between the controlled domestic price and the world price.

1 In the oil sector, under-recoveries and losses are often used interchangeably. This is not correct as they are two distinct concepts. Refining of crude oil is a process industry where crude oil constitutes around 90% of the total cost.

Since value added is relatively small, determination of individual product-wise prices becomes problematic. Emergency Service/Equalization Surcharge Automotive Oil Fee Battery Fee Boat and Boat Motor Sales Tax Fund Cement Tax Inheritance Tax Local Revenue Miscellaneous Gross Receipts Taxes Oil Well Servicing Tax Sulphur Taxext.

WebFile Help Crude Oil Production Tax Natural Gas.

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Although Nigeria is a major oil producer and bitumen is a by-product of crude oil, corruption in the country's oil industry has ensured that there is very little value addition to the crude oil.B. The Tax-Back-Rate Issue C. Resource Revenues and Equalization: NAS vs. FPS D. The New Equalization Framework E.

The Offshore Agreements F. Ottawa and US$60+ Oil G. US$60+ Oil and the “Dutch Disease” H. Horizontal Fiscal Imbalance (HFI), the Equalization Principle and US$60+ Oil I. An “Interprovincial United Way” for Resource.Indian Territory Illuminating Oil Co.

v. Board of Equalization, U.S. () These cases present the question of the validity of ad valorem taxes upon crude oil belonging to petitioner, Indian Territory Illuminating Oil Company, and held by it in its storage tanks in Tulsa County and Payne County, Oklahoma.

In each case, the tax was.