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.

Summary

Amends the Internal Revenue Code to: (1) impose an excise tax on integrated oil companies for 50% of their windfall profit from the sale of all barrels of taxable crude oil for taxable years beginning in 2005; (2) allow a tax deduction for the payment of any such windfall profit tax; and (3) grant certain individual taxpayers with adjusted gross incomes not exceeding $40,000 an income tax rebate of $450. Requires payment of such rebate not later than March 1, 2006. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price ($40 per barrel) of such barrel.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 December 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 December 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 December 2005

  Open at official source

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