Page:United States Statutes at Large Volume 95.djvu/364

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PUBLIC LAW 97-000—MMMM. DD, 1981

95 STAT. 338

PUBLIC LAW 97-34—AUG. 13, 1981 "(B) NEWLY DISCOVERED OIL.—The applicable percentage for newly discovered oil shall be determined in accordeince with the following table: "For taxable periods beginning in: 1982 1983 1984 1985 1986 and ttiereaft«r

26 USC 4987 ^°^^-

Ante, p. 336.

26 USC 4994.

The applicable percentage is: 27M! 25 22V2 . 20 15 ".

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable periods beginning after December 31, 1981. SEC. 603. EXEMPT INDEPENDENT PRODUCER STRIPPER WELL OIL. (a) IN GENERAL.—Subsection (b) of section 4991 (as amended by section 601(b)) is amended by striking out "and" a t the end of paragraph (4), by striking out the period at the end of paragraph (5), and inserting in lieu thereof ", ana\ and by adding a t the end thereof the following new paragraph: "(6) exempt stripper well oil." (b) ExEMPT STRIPPER WELL OIL.—Soction 4994 (as amended by section 601(b)) is amended by adding at the end thereof the following new subsection: "(g) EXEMPT STRIPPER WELL OIL.—

"(1) IN GENERAL.—For purposes of this chapter, the term 'exempt stripper well oil' means any oil— "(A) the producer of which is an independent producer (within the meaning of section 4992(b)(l)), "(B) which is from a stripper well property within the meaning of the June 1979 energy regulations, and "(C) which is attributable to the independent producer's working interest in the stripper well property. "(2)

94 Stat. 236.

26 USC 4991 ^°^-


Exempt stripper well oil does not include production attributable to an interest in any property which a t any time Eifter July 22, 1981, was owned by a person other than an independent producer (within the meaning of section 4992(b)(1))." (c) CONFORMING AMENDMENT.—Paragraph (2) of section 4992(c) (defining independent producer amount) is amended by adding a t the end thereof the following new sentence: "For purposes of the preceding sentence, tier 1 oil and tier 2 oil shall be treated as not including exempt stripper well oil." (d) EFFECTIVE DATE.—The amendments made by this section shall apply to oil removed from the premises after December 31, 1982. SEC. 604. EXEMPTION FROM WINDFALL PROFIT TAX OF OIL PRODUCED FROM INTERESTS HELD BY OR FOR THE BENEFIT OF RESIDENTIAL CHILD CARE AGENCIES. (a) EXEMPTION OF CHILD CARE AGENCIES FROM TAX.—Subparagraph

94 Stat. 241.

(A) of section 4994(b)(l) (relating to charitable interests exempt from windfall profit tax) is amended by redesignating clause (ii) as clause (iii) and by adding after clause (i) the following new clause: "(ii) held by an organization described in section 170(c)(2) which is organized and operated primarily for the residential placement, care, or treatment of aelinquent, dependent, orphaned, neglected, or handicapped children, or". (b) PERIOD INTEREST REQUIRED TO B E HELD.—