Gas Price Reduction Act of 2006
Latest action · Apr 27, 2006 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.
- IntroducedApr 27, 2006
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Gas Price Reduction Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene from enactment of this Act until October 1, 2006 (suspension period). Requires reimbursement to the Highway Trust Funds for revenues lost during the suspension period.
Expresses the sense of Congress that consumers should immediately benefit from the tax reductions under this Act.
Directs the Secretary of the Interior to: (1) suspend exemptions from payment of oil and natural gas royalties under federal leases (royalty relief) during any four-week period in which the average price of crude oil exceeds $50.00 per barrel and the average wellhead price of natural gas exceeds $6.25 per 1,000 cubic feet; and (2) renegotiate such leases to provide for a suspension of royalty relief when crude oil and natural gas prices exceed a certain level.
Suspends provisions of the Internal Revenue Code granting tax deductions for oil and gas development, mining exploration, and intangible drilling and development expenditures and a tax credit for producing fuel from nonconventional sources until the Highway Trust Fund has been reimbursed for revenues lost during the suspension period.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 27, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-SC | Lindsey Graham | Original | Apr 27, 2006 |
Actions 3
Everything that happened, newest first.
- Apr 27, 2006Introduced in Senate
- Apr 27, 2006Read twice and referred to the Committee on Finance.
- Apr 27, 2006Sponsor introductory remarks on measure. (CR S3637-3638)
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5240 | Gasoline Tax Relief Act of 2006 | Related bill | Apr 27, 2006 |
| HR 5302 | Summer Relief for Motorists Act of 2006 | Related bill | May 11, 2006 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Aviation fuels
- Biomass energy
- Commerce
- Congress
- Congressional investigations
- Diesel motor
- Energy
- Energy prices
- Excise tax
- Gas in submerged lands
- Gasoline
- Government trust funds
- Highway finance
- Income tax
- Mines and mineral resources
- Natural gas
- Oil and gas leases
- Oil and gas royalties
- Oil shales
- Oil well drilling
- Petroleum
- Petroleum in submerged lands
- Prospecting
- Public Lands and Natural Resources
- Submarine oil well drilling
- Synthetic fuel
- Tax credits
- Tax deductions
- Tax rates
- Tax refunds
- Taxation
- Transportation and Public Works
Text 1
Each version as it was printed, newest first.
- Apr 27, 2006Introduced 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.