Windfall Oil Profits for Heating Assistance Act of 2000

Summary

Windfall Oil Profits For Heating Assistance Act of 2000 - Amends the Internal Revenue Code to impose an excise tax on the windfall profit from removed domestic crude oil (and products thereof) at a rate equal to 100 percent of such windfall profit. Defines "windfall profit" as, with respect to any removal of crude oil or taxable product, so much of the profit on such removal as exceeds a reasonable profit. Directs the Federal Trade Commission to investigate the profits of the oil industry and make reasonable profit determinations. Authorizes appropriations. Establishes the Windfall Oil Profits Trust Fund consisting amounts equivalent to the taxes received pursuant to the excise tax established by this Act. Provides for expenditures from the Fund for heating assistance to consumers and small businesses.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 September 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 September 2000

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• Introduced in Senate

  summary · EN · 27 September 2000

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