Congress 109 - HR 2070 - Gas Price Spike Act of 2005

Sponsor

Cosponsors

Topics

Automobile industry Buy American Collective bargaining Commerce Economics and Public Finance Energy Energy efficiency Excess profits tax Federal advisory bodies Federal aid to transportation Foreign Trade and International Finance Fuel consumption Gas industry Government Operations and Politics Income tax Labor and Employment Labor contracts Mass rapid transit Motor buses Motor vehicles Natural gas Petroleum Petroleum industry Railroad commuting traffic Subways Tax credits Taxation Transportation and Public Works User charges

Full Text

View Full Bill Text

Votes

Summary

Gas Price Spike Act of 2005 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or products of crude oil or natural gas. Defines "windfall profit" as so much of the profit on a sale of crude oil, natural gas, or related products as exceeds a reasonable profit. Establishes the Reasonable Profits Board to determine levels of reasonable profit from the sale of such products.

Allows a tax credit for the purchase of certain fuel-efficient, American-made passenger vehicles.

Authorizes the Secretary of Transportation to make grants to operators of mass transit systems, including bus and commuter rail systems, to reduce passenger fares on such systems.

Actions

May 3, 2006

Sponsor introductory remarks on measure. (CR H1986-1987)
Sep 21, 2005

Sponsor introductory remarks on measure. (CR E1913)
May 5, 2005

Referred to the Subcommittee on Highways, Transit and Pipelines.
May 4, 2005

Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 4, 2005

Sponsor introductory remarks on measure. (CR E867)
May 4, 2005

Introduced in House

Amendments

Related Bills