Gas Tax Equity Act of 2006

referredUnited States· United States Congress· EN

Introduced

3 May 2006

Last action

16 May 2006 · Referred

Status

Referred to the Subcommittee on Energy.

Summary

Gas Tax Equity Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene for a 60-day period beginning after the enactment of this Act (suspension period). Requires reimbursement to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund for tax revenues lost during the suspension period. Expresses the sense of Congress that the reduction of taxes under this Act should immediately benefit consumers. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) the program on oil and gas royalties in-kind; (2) incentives for natural gas production from deep wells in the Gulf of Mexico; (3) suspension of royalty payments under federal leases in the Gulf of Mexico, Alaska, and the Outer Continental Shelf; and (4) exploration incentives in the National Petroleum Reserve in Alaska. Requires certain integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts in 2005) to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies: (1) two-year amortization of geological and geophysical expenditures; and (2) foreign tax credits for payments to certain foreign countries from which such oil companies receive a specified economic benefit as a dual capacity taxpayer.

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Timeline

3 May 2006
Introduced
Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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 May 2006
Introduced
Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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 May 2006
Introduced
Sponsor introductory remarks on measure. (CR H1986)
Source: IntroReferral
3 May 2006
Introduced
Introduced in House
Source: IntroReferral
3 May 2006
Introduced
Introduced in House
Source: IntroReferral
15 May 2006
Committee
Executive Comment Requested from Interior.
Source: Committee
15 May 2006
Referred
Referred to the Subcommittee on Energy and Mineral Resources.
Source: Committee
16 May 2006
Referred
Referred to the Subcommittee on Energy.
Source: Committee

Votes

No vote records are attached yet.

Versions

Introduced in House · 3 May 2006 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 3 May 2006
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Introduced in House (PDF)
Introduced in House · EN · 3 May 2006
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Introduced in House
summary · EN · 3 May 2006
Open at official source
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Related records

related to ← Energy Fairness for America Act
related to ← Energy Fairness for America Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/109th-congress/house-bill/5285
Open data entity: https://api.congress.gov/v3/bill/109/hr/5285
us · 109-hr-5285 · source updated 15 August 2025