Oil Company Acountability Act

Summary

Oil Company Accountability Act - Amends the Internal Revenue Code to: (1) grant individual taxpayers with adjusted gross incomes of not more than $120,000 a $500 tax rebate in 2006; (2) require large integrated oil companies to make certain adjustments to the value of their LIFO inventories of crude oil, natural gas, or other petroleum products; and (3) deny a foreign tax credit to large integrated oil companies designated as dual capacity taxpayers for amounts paid to a foreign country which does not have a generally applicable income tax and from which such oil companies receive an economic benefit. Defines "large integrated oil companies" as companies with annual gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels.

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Timeline

1. 25 April 2006

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 April 2006

   Introduced

   Sponsor introductory remarks on measure. (CR S3440)

   Source: IntroReferral

3. 25 April 2006

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 April 2006 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 April 2006

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 April 2006

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 April 2006

  Open at official source

Sponsors

• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Cosponsor
• · ssfi00 · Standing

Related records

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