Energy Security and Corporate Accountability Act of 2007
Latest action · Apr 26, 2007 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 26, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Energy Security and Corporate Accountability Act of 2007 - Requires major integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula.
Amends the Internal Revenue Code to: (1) set forth a special rule for the application of the foreign tax credit to major integrated oil companies which are dual capacity taxpayers; (2) provide for extended amortization (seven years instead of five) of geological and geophysical expenditures for major integrated oil companies; and (3) impose a windfall profits tax on major integrated oil companies.
Repeals provisions of the Energy Policy Act or 2005 suspending royalties from oil and natural gas production activities in the Gulf of Mexico. Terminates royalty suspension in the Planning Areas offshore Alaska.
Establishes a National Energy Security Research and Investment Reserve to fund energy research, including research relating to ethanol and biodiesel, and to defray the cost of providing fueling pumps to deliver new fuels to consumers.
Requires the Secretary of Health and Human Services to establish and carry out a Low-Income Transportation Energy Assistance Program and establish a Fund to assist low-income households in purchasing gasoline or diesel fuel or bus passes, train tickets, or other mass-transit fares for transportation purposes. Provides for the transfer of windfall profits tax receipts to the Fund.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 26, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-VA | Jim Webb | Original | Apr 26, 2007 |
Actions 2
Everything that happened, newest first.
- Apr 26, 2007Introduced in Senate
- Apr 26, 2007Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Energy.
- Accounting
- Alaska
- Alcohol as fuel
- Alternative energy sources
- Biomass energy
- Commerce
- Commuting
- Depreciation and amortization
- Diesel motor
- Economics and Public Finance
- Energy
- Energy assistance for the poor
- Energy research
- Excess profits tax
- Finance and Financial Sector
- Foreign tax credit
- Gas in submerged lands
- Gasoline
- Geology
- Geophysical prediction
- Government trust funds
- Gulf of Mexico
- Income tax
- Inventories
- Marine and coastal resources, fisheries
- Mass rapid transit
- Natural gas
- Oil and gas leases
- Oil well drilling
- Petroleum
- Petroleum in submerged lands
- Petroleum industry
- Public Lands and Natural Resources
- Science, Technology, Communications
- Service stations
- Social Welfare
- Taxation
- Transportation and Public Works
- Transportation rates
Text 1
Each version as it was printed, newest first.
- Apr 26, 2007Introduced 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.