3.0.0 1981 2023-01-13T04:49:35Z 2023-01-13T04:49:35Z Senate S S 2005-11-09 109 ssfi00 Finance Committee Senate Standing Referred to 2005-11-09T22:27:45Z Gas Price Spike Act of 2005 109 2070 HR 2006-05-03 Sponsor introductory remarks on measure. (CR H1986-1987) Related bill CRS Gasoline Price Stabilization Act of 2005 109 3544 HR 2005-08-08 Referred to the Subcommittee on Energy and Mineral Resources. Related bill CRS Consumer Reasonable Energy Price Protection Act of 2005 109 3664 HR 2005-09-07 Referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS Gas Price Relief Act of 2005 109 3752 HR 2005-09-13 Referred to the House Committee on Ways and Means. Related bill CRS Windfall Profits Rebate Act of 2005 109 4203 HR 2005-11-02 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981. 109 4248 HR 2006-03-24 Referred to the Subcommittee on Education Reform. Related bill CRS Windfall Profits and Consumer Assistance Act of 2005 109 4263 HR 2006-04-26 Motion to Discharge Committee filed by Mr. Markey. Petition No: 109-12. (<a href="http://clerk.house.gov/109/lrc/pd/Petitions/Dis12.htm">Discharge petition</a> text with signatures.) Related bill CRS Consumer Windfall Excess Oil Profits Protection Act of 2005 109 4276 HR 2006-03-24 Referred to the Subcommittee on Education Reform. Related bill CRS Consumer Energy Assistance and Fairness Act of 2005 109 4449 HR 2006-03-27 Referred to the Subcommittee on Education Reform. Related bill CRS Windfall Profits Rebate Act of 2005 109 1631 S 2006-02-15 Sponsor introductory remarks on measure. (CR S1346) Related bill CRS Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005 109 1809 S 2005-10-03 Read twice and referred to the Committee on Finance. Related bill CRS 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. 109 2103 S 2005-12-14 Read twice and referred to the Committee on Finance. Related bill CRS 2006-04-25 Sponsor introductory remarks on measure. (CR S3441) IntroReferral B00100 9 Library of Congress 2005-11-09 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12611-12613) IntroReferral 2005-11-09 Introduced in Senate IntroReferral 10000 9 Library of Congress 2005-10-18 Sponsor introductory remarks on measure. (CR S11463) IntroReferral B00100 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N Taxation Automobile industry Commerce Diesel motor Economics and Public Finance Electric vehicles Energy Energy assistance for the poor Energy efficiency Energy prices Energy research Excess profits tax Excise tax Federal aid to transportation Fuel consumption Government trust funds Highway finance Income tax Indexing (Economic policy) Investment tax credit Mass rapid transit Motor vehicles Petroleum industry Research and development Science, Technology, Communications Social Welfare Tax credits Tax deductions Tax rebates Transportation and Public Works Transportation research Taxation 00 2005-11-09 Introduced in Senate 2005-11-22T21:29:04Z Windfall Profits Tax Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain oil companies for 50% of the windfall profit from all barrels of taxable crude oil. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price of such barrel ($40 per barrel adjusted annually for inflation). Allows a tax deduction for any windfall profit tax paid. Terminates the tax 10 years after the date of enactment of this Act.

Allows an income tax rebate for individual taxpayers of $150 in 2006 and, in subsequent years, of an amount to be determined by the Secretary of the Treasury based upon a percentage of windfall profit tax revenues collected.

Establishes in the Treasury the Low-Income Energy Assistance Trust Fund. Transfers windfall profit tax revenues to such Fund and provides for expenditures from such Fund for the low-income energy assistance program.

Allows a tax credit for investment in energy efficient motor vehicles and for related research and development costs. Bases the amount of such credit on the achievement of specified levels of fuel economy. Terminates such credit after 2015.

]]> Windfall Profits Tax Act of 2005 Display Title Windfall Profits Tax Act of 2005 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to American consumers, to fund programs under the Low-Income Home Energy Assistance Act of 1981 and tax incentives for the manufacture of energy efficient motor vehicles by using a portion of the proceeds of such tax, and to deposit the balance of the tax collected into the Highway Trust Fund to support the funding of highway projects and to aid highway users, and for other purposes. Introduced in Senate IS Short Titles as Introduced Windfall Profits Tax Act of 2005 Introduced in Senate 2005-11-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1981is/xml/BILLS-109s1981is.xml 2006-04-25 Sponsor introductory remarks on measure. (CR S3441) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.