Windfall Profits and Consumer Assistance Act of 2005

Summary

Windfall Profits and Consumer Assistance Act of 2005 - Amends the Internal Revenue Code to impose upon producers of crude oil 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. Establishes in the Treasury the Consumer Energy Assistance Trust Fund. Transfers to such Fund windfall profit tax revenues and makes amounts in such Fund available to carry out the Low-Income Home Energy Assistance Act of 1981. Grants to taxpayers an income tax rebate in an amount to be determined by the Secretary of the Treasury based upon the number of taxpayers and available windfall profit tax revenues (reduced by amounts appropriated to such Fund).

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

Timeline

1. 9 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. 9 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. 9 November 2005

   Introduced

   Sponsor introductory remarks on measure. (CR E2309)

   Source: IntroReferral

4. 9 November 2005

   Introduced

   Introduced in House

   Source: IntroReferral

5. 9 November 2005

   Introduced

   Introduced in House

   Source: IntroReferral

6. 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

7. 24 March 2006

   Referred

   Referred to the Subcommittee on Education Reform.

   Source: Committee

8. 26 April 2006

   Discharge

   Motion to Discharge Committee filed by Mr. Markey. Petition No: 109-12. (<a href="http://clerk.house.gov/109/lrc/pd/Petitions/Dis12.htm">Discharge petition</a> text with signatures.)

   Source: Discharge

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 November 2005 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 November 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 November 2005

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 9 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

• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Rep. Emanuel, Rahm [D-IL-5] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Kildee, Dale E. [D-MI-5] · D · Cosponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Cosponsor
• Rep. McGovern, James P. [D-MA-2] · D · Cosponsor
• Rep. Bishop, Timothy H. [D-NY-1] · D · Cosponsor
• Rep. Conyers, John, Jr. [D-MI-13] · D · Cosponsor
• Rep. Langevin, James R. [D-RI-2] · D · Cosponsor
• · 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 → Consumer Windfall Excess Oil Profits Protection Act of 2005
• related to ← 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.
• 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