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S. 1981 109th Congress Senate

Windfall Profits Tax Act of 2005

Official title: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to Amer… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to American consumers, to fund programs under the Low-Income Home Energy Assistance Act of 1981 and tax incentives for the manufacture of energy efficient motor vehicles by using a portion of the proceeds of such tax, and to deposit the balance of the tax collected into the Highway Trust Fund to support the funding of highway projects and to aid highway users, and for other purposes.

Introduced: November 9, 2005 Introduced by: Richard J. Durbin Democratic · Illinois See on congress.gov
Taxation Automobile industryCommerceDiesel motorEconomics and Public Finance
More subjectsShow fewer subjects
Electric vehiclesEnergyEnergy assistance for the poorEnergy efficiencyEnergy pricesEnergy researchExcess profits taxExcise taxFederal aid to transportationFuel consumptionGovernment trust fundsHighway financeIncome taxIndexing (Economic policy)Investment tax creditMass rapid transitMotor vehiclesPetroleum industryResearch and developmentScience, Technology, CommunicationsSocial WelfareTax creditsTax deductionsTax rebatesTransportation and Public WorksTransportation research
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 25, 2006
Sponsor introductory remarks on measure. (CR S3441)
Nov 9, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12611-12613)
Nov 9, 2005
Introduced in Senate
Oct 18, 2005
Sponsor introductory remarks on measure. (CR S11463)
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 Latest action April 25, 2006

Sponsor introductory remarks on measure. (CR S3441)

 Plain-English summary Congressional Research Service

Windfall Profits Tax Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain oil companies for 50% of the windfall profit from all barrels of taxable crude oil. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price of such barrel ($40 per barrel adjusted annually for inflation). Allows a tax deduction for any windfall profit tax paid. Terminates the tax 10 years after the date of enactment of this Act.

Allows an income tax rebate for individual taxpayers of $150 in 2006 and, in subsequent years, of an amount to be determined by the Secretary of the Treasury based upon a percentage of windfall profit tax revenues collected.

Establishes in the Treasury the Low-Income Energy Assistance Trust Fund. Transfers windfall profit tax revenues to such Fund and provides for expenditures from such Fund for the low-income energy assistance program.

Allows a tax credit for investment in energy efficient motor vehicles and for related research and development costs. Bases the amount of such credit on the achievement of specified levels of fuel economy. Terminates such credit after 2015.

 Related & companion bills 12
  • HR 2070 Gas Price Spike Act of 2005
  • HR 3544 Gasoline Price Stabilization Act of 2005
  • HR 3664 Consumer Reasonable Energy Price Protection Act of 2005
  • HR 3752 Gas Price Relief Act of 2005
  • HR 4203 Windfall Profits Rebate Act of 2005
  • HR 4248 To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use the procee…
  • HR 4263 Windfall Profits and Consumer Assistance Act of 2005
  • HR 4276 Consumer Windfall Excess Oil Profits Protection Act of 2005
  • HR 4449 Consumer Energy Assistance and Fairness Act of 2005
  • S 1631 Windfall Profits Rebate Act of 2005
Show all 12 related billsShow fewer related bills
  • S 1809 Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005
  • S 2103 A bill to impose a temporary windfall profits tax on crude oil and provide a rebate to each household from the revenues…
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1981: Windfall Profits Tax Act of 2005. 109th Congress. Open America. https://openamerica.io/bill/109-S-1981/
MLA
"S. 1981: Windfall Profits Tax Act of 2005." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-1981/.
Bluebook (legal)
S. 1981, 109th Cong. (2026), https://openamerica.io/bill/109-S-1981/.
Markdown link
[S. 1981: Windfall Profits Tax Act of 2005](https://openamerica.io/bill/109-S-1981/)
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