Oil and Gas Energy Tax Act of 1974.

This articles discusses the developments of the Oil and Gas Energy Tax Act of 1974 in the U.S. The bill which alters the tax treatment of domestic and foreign oil and gas production was ordered out of committee on May 4, 1974. The tax act, HR 14462 contains two special rules dealing with the interaction of the windfall profits tax and the federal income tax. The bill provides that the president may not impose any quota, duty, tax or free on the importation of petroleum unless the imported price is at or below the domestic price and the goal of promoting national self-sufficiency would be adversely affected if such charge were not imposed.