Skip to main content
HR 2372 110th Congress House Taxation Air pollution control Alternative energy sources Commerce Congress Corporation taxes Economics and Public Finance Energy Energy conservation Energy efficiency Energy prices Energy research Environmental Protection Environmental technology Excess profits tax Excise tax Government trust funds Income tax Indexing (Economic policy) Legislation

WEAN Off of Oil Act of 2007

Introduced: May 17, 2007 Introduced by: DeLauro, Rosa L. Democratic · Connecticut See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 17, 2007
Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, 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.
May 17, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007 or the WEAN Off of Oil Act of 2007 - Amends the Internal Revenue Code to impose upon major integrated oil companies an excise tax of 50 percent of their net windfall profits 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., $50 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.

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

Establishes a separate account to be funded by windfall profit tax receipts (to be known as the Strategic Energy Efficiency and Renewables Reserve) for the purpose of financing legislation to: (1) accelerate the use of clean domestic renewable energy resources and alternative fuels; (2) promote the utilization of energy-efficient products, practices, and conservation; and (3) increase research, development, and deployment of clean renewable energy and efficiency technologies.

What's happening now May 17, 2007

Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, 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.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2