Windfall Profits Tax Act of 2005

Summary

Windfall Profits Tax Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain oil companies for 50% of the windfall profit from all barrels of taxable crude oil. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price of such barrel ($40 per barrel adjusted annually for inflation). Allows a tax deduction for any windfall profit tax paid. Terminates the tax 10 years after the date of enactment of this Act. Allows an income tax rebate for individual taxpayers of $150 in 2006 and, in subsequent years, of an amount to be determined by the Secretary of the Treasury based upon a percentage of windfall profit tax revenues collected. Establishes in the Treasury the Low-Income Energy Assistance Trust Fund. Transfers windfall profit tax revenues to such Fund and provides for expenditures from such Fund for the low-income energy assistance program. Allows a tax credit for investment in energy efficient motor vehicles and for related research and development costs. Bases the amount of such credit on the achievement of specified levels of fuel economy. Terminates such credit after 2015.

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Timeline

1. 18 October 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S11463)

   Source: IntroReferral

2. 9 November 2005

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12611-12613)

   Source: IntroReferral

3. 9 November 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 25 April 2006

   Introduced

   Sponsor introductory remarks on measure. (CR S3441)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 9 November 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 November 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 November 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 9 November 2005

  Open at official source

  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. Durbin, Richard J. [D-IL] · D · Sponsor
• · ssfi00 · 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 → 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 → Windfall Profits and Consumer Assistance Act of 2005
• related to → Consumer Windfall Excess Oil Profits Protection Act of 2005

Showing 8 of 12 related records.