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.
Latest action · Mar 24, 2006 Referred to the Subcommittee on Education Reform.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 8, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to impose upon integrated oil companies an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over the adjusted base price of such barrel (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.
Allows a tax deduction for the payment of any windfall profit tax.
Appropriates windfall profit tax revenues generated by this Act for the sole purpose of carrying out the Low-Income Home Energy Assistance Act of 1981.
Cosponsors
Members who signed on, in the order they did.
Actions 4
Everything that happened, newest first.
- Mar 24, 2006Referred to the Subcommittee on Education Reform.
- Nov 22, 2005Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
- Nov 8, 2005Introduced in House
- Nov 8, 2005Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
Related bills 12
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1631 | Windfall Profits Rebate Act of 2005 | Related bill | Feb 15, 2006 |
| S 1809 | Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005 | Related bill | Oct 3, 2005 |
| S 1981 | Windfall Profits Tax Act of 2005 | Related bill | Apr 25, 2006 |
| HR 2070 | Gas Price Spike Act of 2005 | Related bill | May 3, 2006 |
| S 2103 | 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. | Related bill | Dec 14, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Nov 8, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.