S 2782
110th Congress
Senate
Taxation
Commerce
Corporation taxes
Economics and Public Finance
Energy
Excess profits tax
Excise tax
Federal aid to transportation
Government trust funds
Highway finance
Income tax
Petroleum
Petroleum industry
Tax deductions
Transportation and Public Works
Recapture Excess Profits and Invest in Roads and Rail (REPAIR) Act of 2008
Introduced: March 13, 2008
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
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
Plain-English summary
Recapture Excess Profits and Invest in Roads and Rail (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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1