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HR 4203 109th Congress House Taxation Commerce Energy Energy prices Excess profits tax Excise tax Income tax Petroleum Petroleum industry Tax deductions Tax rebates

Windfall Profits Rebate Act of 2005

Introduced: November 2, 2005 Introduced by: DeLauro, Rosa L. Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 2, 2005
Referred to the House Committee on Ways and Means.
Nov 2, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Windfall Profits Rebate Act of 2005 - Amends the Internal Revenue Code to: (1) impose an excise tax on oil companies for a percentage of the windfall profit from all barrels of taxable crude oil; (2) allow a tax deduction for the payment of any windfall profit tax; and (3) allow an income tax rebate for all taxpayers based upon windfall tax revenues, as determined by the Secretary of the Treasury. 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 adjusted for inflation) of such barrel.

What's happening now November 2, 2005

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1