A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to rebate the tax collected back to the American consumer, and for other purposes.
Windfall Profits Rebate Act of 2005 - Amends the Internal Revenue Code to: (1) impose an excise tax 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; and (3) allow an income tax rebate for all taxpayers based upon windfall tax revenues, as determined by the Secretary of the Treasury. Defines "windfall profit" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price ($40 per barrel adjusted for inflation) 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.
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.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9821)
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S9999)
Sponsor introductory remarks on measure. (CR S10419-10420)
Sponsor introductory remarks on measure. (CR S1346)
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