STOP Act
Latest action · Aug 6, 2009 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
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.
- IntroducedAug 6, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the sale or exchange of oil or natural gas and related commodities. Makes such tax treatment applicable to commodities acquired after August 31, 2009, and before January 1, 2014.
Directs the Secretary of the Treasury to study and report to Congress on the tax treatment of certain commodities and contracts under section 1256 of the Internal Revenue Code.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Aug 6, 2009Introduced in Senate
- Aug 6, 2009Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
- Aug 6, 2009Sponsor introductory remarks on measure. (CR S8997-8998)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Aug 6, 2009Introduced 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.