Date: June 28, 1979
Subject: Windfall Profits Tax
Description: Conable (R-NY) motion to recommit with instructions to add a "plowback" that would give oil companies a credit for 75 cents of every dollar reinvested in energy development in excess of historic investment patterns. This action would have somewhat reversed the negative efforts of the Carter energy package and would have allowed Congress to act further on the side of energy independence by providing incentives to energy producers.
Result: Motion to Recommit Failed, 186-229
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