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Monday, October 12, 2020 | History

3 edition of Response to questions about the windfall profit tax on Alaskan North Slope crude oil found in the catalog.

Response to questions about the windfall profit tax on Alaskan North Slope crude oil

United States. General Accounting Office

Response to questions about the windfall profit tax on Alaskan North Slope crude oil

report to the Honorable Bill Nelson, House of Representatives

by United States. General Accounting Office

  • 87 Want to read
  • 9 Currently reading

Published by The Office in Washington, DC .
Written in English

    Subjects:
  • Excess profits tax -- United States.,
  • Petroleum -- Taxation -- United States.

  • Edition Notes

    Statementby the U.S. General Accounting Office.
    The Physical Object
    Pagination3, 44 p. :
    Number of Pages44
    ID Numbers
    Open LibraryOL14529255M

      Alaska's revenues from oil production have dropped dramatically and the state is now faced with a multi-billion dollar budget deficit. In response Author: Todd Ganos. The book consists of four edited and augmented Congressional Research Service (CRS) reports from to , on the crude oil windfall profit tax of the s and implications for current energy policy; oil industry financial performance and the windfall profits tax; current status and analysis of gas tax subsidies; and the use of profit by the five major oil companies.

      Why a Windfall Profit Tax Is Needed for Oil Companies. Mar. 1, AM ET Windfall Profit Tax on Oil Companies World Crude Oil Production effectively peaked in .   Alaska’s North Slope Oil Reserves Are “Open for Business” on Alaska's North Slope from consideration for energy development. the USGS estimated there were 10 billion barrels of crude.

      A windfall profit tax targeted at earnings far beyond the U.S. industrial average would return zero revenue to the Treasury because windfall profits in . DOR Fall Revenue Sources Book: 05/15/ Tax credits- Oil credits will pay off, Melissa Griffiths, Juneau Empire, April 05/15/ Tax credits- Alaska oil tax credits are working as they should at low prices, Roger Marks, April


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Response to questions about the windfall profit tax on Alaskan North Slope crude oil by United States. General Accounting Office Download PDF EPUB FB2

Response to questions about the windfall profit tax on Alaskan North Slope crude oil. Washington, DC: The Office, (OCoLC) Material Type: Document, Government publication, National government publication, Internet resource: Document Type: Internet Resource, Computer File: All Authors / Contributors: United States.

General. State Sen. Hollis French, an Anchorage Democrat who supported the windfall tax, said the oil companies ” were literally printing money on the North Slope. We. Crude Oil Windfall Profit Tax Act of - =Title I: Windfall Profit Tax on Domestic Crude Oil= - Amends the Internal Revenue Code to impose upon domestic oil producers an excise tax on the windfall profit from taxable crude oil produced during each taxable period (March and each calendar quarter thereafter).

The windfall profit tax liability after adjustments for the quarter was $ billion, a 6 percent decline from the previous quarter. Through Junethe total amount of windfall profit tax after adjustments reported since the enactment of the Crude Oil Windfall Profit Tax Act of was $ billion.

The formula to calculate the. Crude Oil Windfall Profit Tax, By Rashida Mal* For the first time since the enactment of the windfall profit tax, quarterly liability per barrel has significantly decreased.

The average windfall profit tax dropped from $ per barrel in the se-cond quarter of to $ for the third quarter, a decrease of almost 14 percent.

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. In response to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) administration of the Crude Oil Windfall Profit Tax Act of GAO noted that the crude oil tax was designed to tax the difference between the free market price of a barrel of oil and its controlled price under Department of Energy regulations.

Response to Questions About the Windfall Profit Tax on Alaskan NorthSlope Oil. GAO /GGD Decem, p. See also: U.S. General Accounting Office.

IRS's Administration of the Crude Oil Windfall Profit Tax Act of GAO/GGD-J ; and U.S. General Accounting Office. The windfall profits tax was a deductible expense in determining an oil producer ' s federal income tax liability because it was considered a cost of doing business.

As a result of paying the windfall profits tax, a producer ' s income tax liability was lower than it would have been without the tax. The windfall profits tax produced a cumulative total of approximately $80 billion before it was.

oil,certainheavyoil,andincrementaltertiaryoil. For each tier, thetaxablewindfall profit is the difference between the sellingprice ofthe oil and the sum of the adjustedbase price and.

Let's get one thing straight: The oil levy imposed in was called the "crude oil windfall profit tax" (WPT). Note the singular "profit," a useful reminder that this tax should never be confused with the "excess profits tax" imposed during World War I, World War II, and the Korean War.

"The windfall profits tax has nothing to do, in fact, with profits," observed The Washington Post in. North Slope oil prices this week rose to their highest level in more than three years, helping boost optimism that the battered Alaska economy could slowly be reversing course.

The thing that separates Alaska from Texas and Lousiana seems to be the perception that in Alaska, it's OUR oil that they're pumping up out of the ground on the north slope. In TX and LA the oil companies have pretty much convinced everyone that it belongs to them, and that they should make ALL the money.

The Crude Oil Windfall Profit Tax of the s: Implications for Current Energy Policy Summary In Aprilthe federal government en acted the crude oil windfall profit tax on the U.S.

oil industry. The main purpose of the tax was to recoup for the federal government much of the revenue that woul d have otherwise gone to the oil industry. Apr 2, H.R. (96th). A bill to impose a windfall profit tax on domestic crude oil, and for other purposes.

Ina database of bills in the U.S. Congress. REVENUE EFFECTS OF THE CRUDE OIL WINDFALL PROFIT TAX ACT (P.L. ) One of the provisions of the Crude Oil Windfall Profit Tax Act imposed a windfall profit tax on domestically produced crude oil. The tax is actually an excise or severance tax on crude oil produced after Febru The act defined three categories of oil to be taxed.

] WINDFALL PROFIT TAX II. IMPOSITION OF THE TAX Section of the Act imposes an excise tax on the taxable crude oil that is removed from a producer's premises9 after Febru­ ary '29, ° A producer is "the holder of the economic interest.

Attanasi, E.D., and Freeman, P.A.,Economics of undiscovered oil and gas in the North Slope of Alaska; Economic update and synthesis: U.S. Geological Survey Open-File Report –, 59 p., available only online. Any use of trade, product, or firm names is for descriptive purposes only and does not implyFile Size: 1MB.

Download The Windfall Profit Tax on Crude Oil: Overview of the Issues With gas prices on the rise, members of Congress have renewed calls for a “windfall profit” tax on U.S. oil companies.

However, previous Tax Foundation research cautions against these taxes, illustrating that they are both economically harmful and a poor revenue source. “America’s. REVIEW OF ENVIRONMENTAL ISSUES OF THE TRANSPORTATION OF ALASKAN NORTH SLOPE CRUDE OIL Contract: Project Officer: Richard Ball Office of Energy, Minerals and Industry Washington, D.C.

Office of Energy, Minerals and Industry Office of Development U.S. Environmental Protection Agency Washington, D.C. The Alaska North Slope region includes the National Petroleum Reserve–Alaska, with the bulk of Alaska's known petroleum until the Prudhoe Bay Oil Field was discovered infollowed by the Kuparuk River oil field in The region also includes the Arctic National Wildlife Refuge, which itself has been the subject of controversy surrounding the possibility of petroleum drilling within.

The Alaskan economy runs on crude; about a third of employment is dedicated to the oil industry. The state receives so much royalty and other oil tax money that there is no need for a state sales Author: Clifford Krauss.Debate over natural gas pricing has included the consideration of a windfall profit tax, with the oil windfall profit tax as a possible guide to what might be levied on natural gas at the wellhead.

This report reviews the issues surrounding the enactment of the crude oil windfall profit tax, spells out its provisions, and provides data on the revenues collected and by: 1.