To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to use the proceeds of the windfall profit tax collected to carry out the Low-Income Home Energy Assistance Act and for medical services provided by the Department of Veterans Affairs.
Consumer Windfall Excess Oil Profits Protection Act of 2005 - Amends the Internal Revenue Code to impose an excise tax of 50 percent on the windfall profit from sales of any crude oil, natural gas, or related products and the net gains from transactions related to the price of crude oil, natural gas, or related products. Defines "windfall profit" as the excess of taxpayer adjusted taxable income over the reasonably inflated average profit for the taxable year (average of taxpayer adjusted taxable income for 2000-2004, plus 10 percent of such average).
Allows a tax deduction for the payment of any such windfall profit tax.
Appropriates equal amounts of the windfall profit tax generated by this Act to carry out the Low-Income Home Energy Assistance Act of 1981 and to increase funding for Department of Veterans Affairs medical services.
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 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.
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 Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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 Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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 Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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 Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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 Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
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Referred to the Subcommittee on Health.
Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
Referred to the Subcommittee on Education Reform.