Skip to main content
HR 4263 109th Congress House Taxation Commerce Economics and Public Finance Energy Energy assistance for the poor Energy prices Excess profits tax Excise tax Government trust funds Income tax Petroleum Petroleum industry Social Welfare Tax rebates

Windfall Profits and Consumer Assistance Act of 2005

Introduced: November 9, 2005 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 26, 2006
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.)
Mar 24, 2006
Referred to the Subcommittee on Education Reform.
Nov 22, 2005
Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
Nov 9, 2005
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
Nov 9, 2005
Sponsor introductory remarks on measure. (CR E2309)
Nov 9, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Windfall Profits and Consumer Assistance Act of 2005 - Amends the Internal Revenue Code to impose upon producers of crude oil an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over the adjusted base price of such barrel (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.

Establishes in the Treasury the Consumer Energy Assistance Trust Fund. Transfers to such Fund windfall profit tax revenues and makes amounts in such Fund available to carry out the Low-Income Home Energy Assistance Act of 1981.

Grants to taxpayers an income tax rebate in an amount to be determined by the Secretary of the Treasury based upon the number of taxpayers and available windfall profit tax revenues (reduced by amounts appropriated to such Fund).

What's happening now April 26, 2006

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.)

 Committees of jurisdiction 5
 Cosponsors 3
All 3 Democratic 2 Independent 1