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S 2761 110th Congress Senate

Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008

Official title: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes.

Introduced: March 13, 2008 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Taxation CommerceCorporation taxesEconomics and Public FinanceEnergy
More subjectsShow fewer subjects
Excess profits taxExcise taxFederal aid to transportationGovernment trust fundsHighway financeIncome taxPetroleumPetroleum industryTax deductionsTransportation and Public Works
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 13, 2008
Read twice and referred to the Committee on Finance.
Mar 13, 2008
Introduced in Senate
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 Latest action March 13, 2008

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Recapture Excess Profits and Invest in Road (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion.

Allows a tax deduction for the payment of the windfall profit tax imposed by this Act.

Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.

 Related & companion bills 1
  • S 2782 Related bill Recapture Excess Profits and Invest in Roads and Rail (REPAIR) Act of 2008
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 2761: Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008. 110th Congress. Open America. https://openamerica.io/bill/110-S-2761/
MLA
"S. 2761: Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-2761/.
Bluebook (legal)
S. 2761, 110th Cong. (2026), https://openamerica.io/bill/110-S-2761/.
Markdown link
[S. 2761: Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008](https://openamerica.io/bill/110-S-2761/)
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