To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981.

Summary

Amends the Internal Revenue Code to impose upon integrated oil companies an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over the adjusted base price of such barrel (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act. Allows a tax deduction for the payment of any windfall profit tax. Appropriates windfall profit tax revenues generated by this Act for the sole purpose of carrying out the Low-Income Home Energy Assistance Act of 1981.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 November 2005

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 8 November 2005

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 8 November 2005

   Introduced

   Introduced in House

   Source: IntroReferral

4. 8 November 2005

   Introduced

   Introduced in House

   Source: IntroReferral

5. 22 November 2005

   Referred

   Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.

   Source: Committee

6. 24 March 2006

   Referred

   Referred to the Subcommittee on Education Reform.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 November 2005 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 November 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 November 2005

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 8 November 2005

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  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Rush, Bobby L. [D-IL-1] · D · Sponsor
• · hsed00 · Standing
• · hsif00 · Standing
• · hswm00 · Standing

Related records

• related to → Gas Price Spike Act of 2005
• related to → Gasoline Price Stabilization Act of 2005
• related to → Consumer Reasonable Energy Price Protection Act of 2005
• related to → Gas Price Relief Act of 2005
• related to → Windfall Profits Rebate Act of 2005
• related to → Windfall Profits and Consumer Assistance Act of 2005
• related to → Consumer Windfall Excess Oil Profits Protection Act of 2005
• related to ← Consumer Energy Assistance and Fairness Act of 2005
• related to ← Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005
• related to ← Windfall Profits Rebate Act of 2005
• related to ← A bill to impose a temporary windfall profits tax on crude oil and provide a rebate to each household from the revenues resulting from such tax.
• related to ← Windfall Profits Tax Act of 2005