3.0.0 2103 2023-01-13T04:49:18Z 2023-01-13T04:49:18Z Senate S S 2005-12-14 109 ssfi00 Finance Committee Senate Standing Referred to 2005-12-14T22:50:42Z 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 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 Windfall Profits Tax Act of 2005 109 1981 S 2006-04-25 Sponsor introductory remarks on measure. (CR S3441) Related bill CRS 2005-12-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-12-14 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. N Taxation Commerce Energy Energy prices Excess profits tax Excise tax Petroleum Petroleum industry Tax deductions Tax rebates Taxation 00 2005-12-14 Introduced in Senate 2006-02-03T15:45:38Z 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.

]]> 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. Display Title 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. 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. Introduced in Senate IS Introduced in Senate 2005-12-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2103is/xml/BILLS-109s2103is.xml 2005-12-14 Read twice and referred to the Committee on Finance. 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.