H.R. 4263 · 109th Congress
Windfall Profits and Consumer Assistance Act of 2005
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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
MarkeySponsor11 cosponsors · 10 D, 1 I
D
Emanuel
MH
D
Hinchey
JN
D
Nadler
BS
I
Sanders
BF
D
Frank
DK
D
Kildee
PD
D
DeFazio
JM
D
McGovern
TB
D
Bishop
JC
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Conyers
JL
D
Langevin4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Windfall Profits and Consumer Assistance Act of 2005 - Amends the Internal Revenue Code to impose upon producers of crude oil 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 9, 2005
Windfall Profits and Consumer Assistance Act of 2005 - Amends the Internal Revenue Code to impose upon producers of crude oil 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.
Establishes in the Treasury the Consumer Energy Assistance Trust Fund. Transfers to such Fund windfall profit tax revenues and makes amounts in such Fund available to carry out the Low-Income Home Energy Assistance Act of 1981.
Grants to taxpayers an income tax rebate in an amount to be determined by the Secretary of the Treasury based upon the number of taxpayers and available windfall profit tax revenues (reduced by amounts appropriated to such Fund).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Windfall Profits and Consumer Assistance Act of 2005
Latest action (Apr 26, 2006): 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.)
Policy area: Taxation · Origin: House · Introduced: Nov 9, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.