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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Timeline

1. 14 December 2005

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 December 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 December 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 December 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 December 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 December 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. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Gas Price Spike Act of 2005
• related to → Gasoline Price Stabilization 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
• related to → Consumer Energy Assistance and Fairness Act of 2005
• related to ← Windfall Profits Tax Act of 2005

Showing 9 of 11 related records.