Windfall Profits Rebate Act of 2005
Latest action · Feb 15, 2006 Sponsor introductory remarks on measure. (CR S1346)
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.
- IntroducedSep 7, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Windfall Profits Rebate Act of 2005 - Amends the Internal Revenue Code to: (1) impose an excise tax on oil companies for a percentage of the windfall profit from all barrels of taxable crude oil; (2) allow a tax deduction for the payment of any windfall profit tax; and (3) allow an income tax rebate for all taxpayers based upon windfall tax revenues, as determined by the Secretary of the Treasury. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price ($40 per barrel adjusted for inflation) of such barrel.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Sep 7, 2005 to May 4, 2006; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Boxer | Original | Sep 7, 2005 |
| D-CT | Christopher J. Dodd | Original | Sep 7, 2005 |
| D-RI | Jack Reed | Sep 27, 2005 | |
| D-NV | Harry Reid | Sep 28, 2005 | |
| I-CT | Joseph I. Lieberman | Nov 8, 2005 | |
| D-WI | Herb Kohl | Nov 17, 2005 | |
| D-VT | Patrick J. Leahy | Nov 17, 2005 | |
| D-MI | Carl Levin | May 4, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Sep 7, 2005 |
Actions 6
Everything that happened, newest first.
- Feb 15, 2006Sponsor introductory remarks on measure. (CR S1346)
- Sep 26, 2005Sponsor introductory remarks on measure. (CR S10419-10420)
- Sep 14, 2005Sponsor introductory remarks on measure. (CR S9999)
- Sep 7, 2005Introduced in Senate
- Sep 7, 2005Sponsor introductory remarks on measure. (CR S9821)
- Sep 7, 2005Read twice and referred to the Committee on Finance.
In the Congressional Record 10
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S3785 | Byron L. Dorgan D-ND | May 1, 2006 |
| Senate | Debate and remarks S1346 | Byron L. Dorgan D-ND | Feb 15, 2006 |
| Senate | Debate and remarks S12601 | Byron L. Dorgan D-ND | Nov 9, 2005 |
| Senate | Debate and remarks S12063–S12065 | Byron L. Dorgan D-ND | Oct 31, 2005 |
| Senate | Debate and remarks S12045 | Byron L. Dorgan D-ND | Oct 28, 2005 |
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.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| 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 |
| HR 3544 | Gasoline Price Stabilization Act of 2005 | Related bill | Aug 8, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to rebate the tax collected back to the American consumer, and for other purposes.
- Short Titles as Introduced
- Windfall Profits Rebate Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 7, 2005Introduced in Senate
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.