S. 2636 · 109th Congress
Oil Company Acountability Act
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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
StabenowSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Oil Company Accountability Act - Amends the Internal Revenue Code to: (1) grant individual taxpayers with adjusted gross incomes of not more than $120,000 a $500 tax rebate in 2006; (2) require large integrated oil companies to make certain adjustments to the value of their LIFO inventories of crude oil, natural gas, or other petroleum products; and (3)…
What it does: CRS summary · Introduced in Senate · Apr 25, 2006
Oil Company Accountability Act - Amends the Internal Revenue Code to: (1) grant individual taxpayers with adjusted gross incomes of not more than $120,000 a $500 tax rebate in 2006; (2) require large integrated oil companies to make certain adjustments to the value of their LIFO inventories of crude oil, natural gas, or other petroleum products; and (3) deny a foreign tax credit to large integrated oil companies designated as dual capacity taxpayers for amounts paid to a foreign country which does not have a generally applicable income tax and from which such oil companies receive an economic benefit. Defines "large integrated oil companies" as companies with annual gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Oil Company Acountability Act
Latest action (Apr 25, 2006): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 25, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.