Energy Security Tax Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of imports of: (1) crude oil; (2) refined petroleum products; and (3) petrochemical feedstocks or other derivatives.
Sets the rate of such tax as the difference between $24 per barrel ($26.50 for petroleum and petrochemical products) and the most recently published average price of a barrel of internationally traded oil, as determined by the Secretary of the Treasury in accordance with a specified formula.
Permits an income tax deduction for oil import tax payments. Repeals the windfall profit tax on domestic crude oil.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Trade.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line