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S 1809 109th Congress Senate Taxation Alabama Commerce Corporation taxes Disaster relief Economics and Public Finance Emergency Management Energy Excess profits tax Excise tax Floods Government trust funds Hurricane aftermath legislation Hurricanes Income tax Louisiana Mississippi Petroleum Petroleum industry Supplemental appropriations

Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005

Introduced: October 3, 2005 Introduced by: Schumer, Charles E. Democratic · New York 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
Oct 3, 2005
Read twice and referred to the Committee on Finance.
Oct 3, 2005
Introduced in Senate
 Plain-English summary Congressional Research Service

Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005 - Amends the Internal Revenue Code to: (1) impose on certain oil companies, for taxable years beginning in 2005 or 2006, an excise tax on 50 percent of their windfall profit from the sale of crude oil; (2) allow a tax deduction for the payment of such windfall profit tax; and (3) establish in the Treasury the Hurricane Relief Trust Fund to which windfall tax revenues will be paid to offset the cost of supplemental spending legislation enacted to aid Hurricane Katrina and Rita victims.

What's happening now October 3, 2005

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1