To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on crude oil and to ease gas prices for consumers, and for other purposes.
Gas Price Relief Act of 2005 - Amends the Internal Revenue Code to impose an excise tax, for a one-year period, on oil companies for a percentage of the windfall profit from all barrels of taxable crude oil; (2) allow a tax deduction for the payment of any windfall profit tax; (3) reduce by 10 percent the excise tax on highway motor fuels for a period of one year after the enactment of this Act; (4) provide for transfers of windfall profit tax receipts and amounts from the general fund to the Highway Trust Fund; and (5) make adjustments to highway motor fuel taxes for floor stocks of such fuels held by dealers prior to, or after, the effective date of reduction in such taxes under this Act. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the base price ($40 per barrel) of such barrel.
Sponsor introductory remarks on measure. (CR H1986-1987)
Referred to the Subcommittee on Energy and Mineral Resources.
Referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, 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.
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Education Reform.
Motion to Discharge Committee filed by Mr. Markey. Petition No: 109-12. (<a href="http://clerk.house.gov/109/lrc/pd/Petitions/Dis12.htm">Discharge petition</a> text with signatures.)
Referred to the Subcommittee on Education Reform.
Referred to the Subcommittee on Education Reform.
Sponsor introductory remarks on measure. (CR S1346)
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S3441)
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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