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.
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Nov 8, 2005 |
| House | Energy and Commerce Committee | Referred Nov 8, 2005 |
| Energy Subcommittee | Referred Nov 22, 2005 | |
| House | Education and Workforce Committee | Referred Nov 8, 2005 |
| Early Childhood, Elementary, and Secondary Education Subcommittee | Referred Mar 24, 2006 |
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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL34689 | Oil Industry Financial Performance and the Windfall Profits Tax Archived | Report | Jul 13, 2011 |
Related bills 12
Companion bills and other measures the record links to this one.
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.