H.R. 4248 · 109th Congress
To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use…
Full title
To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981.
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
RushSponsorNo cosponsors.
Amends the Internal Revenue Code to impose upon integrated oil companies an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year.
What it does: CRS summary · Introduced in House · Nov 8, 2005
Amends the Internal Revenue Code to impose upon integrated oil companies an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over the adjusted base price of such barrel (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.
Allows a tax deduction for the payment of any windfall profit tax.
Appropriates windfall profit tax revenues generated by this Act for the sole purpose of carrying out the Low-Income Home Energy Assistance Act of 1981.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981.
Latest action (Mar 24, 2006): Referred to the Subcommittee on Education Reform.
Policy area: Taxation · Origin: House · Introduced: Nov 8, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.