S 1631
109th Congress
Senate
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: September 7, 2005
See on congress.gov
Everywhere this bill has been
6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 15, 2006
Sponsor introductory remarks on measure. (CR S1346)
Sep 26, 2005
Sponsor introductory remarks on measure. (CR S10419-10420)
Sep 14, 2005
Sponsor introductory remarks on measure. (CR S9999)
Sep 7, 2005
Read twice and referred to the Committee on Finance.
Sep 7, 2005
Sponsor introductory remarks on measure. (CR S9821)
Sep 7, 2005
Introduced in Senate
Plain-English summary
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
Sponsor introductory remarks on measure. (CR S1346)
Committees of jurisdiction
1
Cosponsors
1