PUBLIC LAW 96-223—APR. 2, 1980
94 STAT. 255
SEC. 102. ALLOCATION OF NET REVENUES FROM WINDFALL PROFIT TAX 31 USC 555. TO CERTAIN USES.
(a) SEPARATE ACCOUNT IN TREASURY ESTABLISHED.—The net revenues from the windfall profit tax for each fiscal year beginning after September 30, 1980, and before October 1, 1990, are hereby allocated for accounting purposes to a separate account in the Treasury to be known as the Windfall Profit Tax Account (hereinafter in this section referred to as the "Account")(b) SPECIFIED USES FOR AMOUNTS IN THE ACCOUNT.— (1) BASIC NET REVENUES.—In the case of the amount of basic net
revenues allocated to the Account for any fiscal year, there shall be a further allocation to subaccounts for the following uses: Use for Income tax reductions Low-income assistance Energy and transportation programs
Percent 60 25 15
(2) ADDITIONAL NET REVENUES.—In the case of the amount of additional net revenues allocated to the Account for any fiscal year, there shall be a further allocation to subaccounts for the following uses: Use for Income tax reductions Low-income assistance
Percent 66% 33 V a
(3) SPECIAL RULE FOR LOW-INCOME ASSISTANCE FOR I 9 8 2 AND SUBSEQUENT YEARS.—In the case of any amount allocated under
paragraph (1) to the subaccount for low-income assistance for the fiscal year beginning October 1, 1981, or any subsequent fiscal year— (A) 50 percent shall be allocated to a program to assist AFDC and SSI recipients under the Social Security Act, and (B) 50 percent shall be allocated to a program of emergency energy assistance. (c) NET REVENUES DEFINED.—For purposes of this section— (1) IN GENERAL.—The term "net revenues of the windfall profit tax" means, for any fiscal year, the amount which the Secretary estimates to be the excess of— (A) the gross revenues from the tax imposed by section 4986 for the fiscal year, over (B) the sum of— (i) the refunds of and other adjustments to such tax for such fiscal year, plus (ii) the decrease in the income taxes imposed by chapter 1 resulting from the tax imposed by section 4986. For purposes of subparagraph (A), there shall not be taken into account any revenue attributable to an economic interest in crude oil held by the United States. (2) BASIC NET REVENUES.—The term "basic net revenues" means the estimated net revenues which would result for any period under the assumptions for such period which were made in enacting the Crude Oil Windfall Profit Tax Act of 1980. (3) ADDITIONAL NET REVENUES.—The term "additional net revenues" means for any period the net revenues in excess of the basic net revenues for such period. (d) PRESIDENT TO PROPOSE ALLOCATION OF NET REVENUES.—
79-194
O—81—pt. 1
20: QL3
42 USC 1305.
^"^e, p. 230.
26 USC i et seq.
Ante, p. 229.
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