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.
Latest action · Dec 14, 2005 Read twice and referred to the Committee on Finance.
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.
- IntroducedDec 14, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to: (1) impose an excise tax on integrated oil companies for 50% of their windfall profit from the sale of all barrels of taxable crude oil for taxable years beginning in 2005; (2) allow a tax deduction for the payment of any such windfall profit tax; and (3) grant certain individual taxpayers with adjusted gross incomes not exceeding $40,000 an income tax rebate of $450. Requires payment of such rebate not later than March 1, 2006.
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) of such barrel.
Cosponsors
Members who signed on, in the order they did.
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 Dec 14, 2005 |
Actions 2
Everything that happened, newest first.
- Dec 14, 2005Introduced in Senate
- Dec 14, 2005Read twice and referred to the Committee on Finance.
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 11
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 |
| HR 3544 | Gasoline Price Stabilization Act of 2005 | Related bill | Aug 8, 2005 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Dec 14, 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.