Skip to main content
HR 4276 109th Congress House Taxation Appropriations Armed Forces and National Security Commerce Department of Health and Human Services Department of Veterans Affairs Economics and Public Finance Energy Energy assistance for the poor Energy prices Excess profits tax Excise tax Gas industry Government Operations and Politics Health Income tax Natural gas Petroleum Petroleum industry Social Welfare

Consumer Windfall Excess Oil Profits Protection Act of 2005

Introduced: November 9, 2005 Introduced by: Larson, John B. Democratic · Connecticut See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
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 17, 2005
Referred to the Subcommittee on Health.
Nov 9, 2005
Introduced in House
Nov 9, 2005
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
 Plain-English summary Congressional Research Service

Consumer Windfall Excess Oil Profits Protection Act of 2005 - Amends the Internal Revenue Code to impose an excise tax of 50 percent on the windfall profit from sales of any crude oil, natural gas, or related products and the net gains from transactions related to the price of crude oil, natural gas, or related products. Defines "windfall profit" as the excess of taxpayer adjusted taxable income over the reasonably inflated average profit for the taxable year (average of taxpayer adjusted taxable income for 2000-2004, plus 10 percent of such average).

Allows a tax deduction for the payment of any such windfall profit tax.

Appropriates equal amounts of the windfall profit tax generated by this Act to carry out the Low-Income Home Energy Assistance Act of 1981 and to increase funding for Department of Veterans Affairs medical services.

What's happening now March 24, 2006

Referred to the Subcommittee on Education Reform.

 Committees of jurisdiction 7
 Cosponsors 1
All 1 Democratic 1