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S 1588 111th Congress Senate Taxation Capital gains tax Commodities markets Congressional oversight Income tax rates Oil and gas Tax-exempt organizations

STOP Act

Introduced: August 6, 2009 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 6, 2009
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
Aug 6, 2009
Sponsor introductory remarks on measure. (CR S8997-8998)
Aug 6, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the sale or exchange of oil or natural gas and related commodities. Makes such tax treatment applicable to commodities acquired after August 31, 2009, and before January 1, 2014.

Directs the Secretary of the Treasury to study and report to Congress on the tax treatment of certain commodities and contracts under section 1256 of the Internal Revenue Code.

What's happening now August 6, 2009

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)

 Committees of jurisdiction 1