H.R. 2372 · 110th Congress
WEAN Off of Oil Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DeLauroSponsor6 cosponsors · 6 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007 or the WEAN Off of Oil Act of 2007 - Amends the Internal Revenue Code to impose upon major integrated oil companies an excise tax of 50 percent of their net windfall profits from the production of taxable crude oil in a taxable year.
What it does: CRS summary · Introduced in House · May 17, 2007
Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007 or the WEAN Off of Oil Act of 2007 - Amends the Internal Revenue Code to impose upon major integrated oil companies an excise tax of 50 percent of their net windfall profits 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., $50 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.
Establishes a separate account to be funded by windfall profit tax receipts (to be known as the Strategic Energy Efficiency and Renewables Reserve) for the purpose of financing legislation to: (1) accelerate the use of clean domestic renewable energy resources and alternative fuels; (2) promote the utilization of energy-efficient products, practices, and conservation; and (3) increase research, development, and deployment of clean renewable energy and efficiency technologies.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: WEAN Off of Oil Act of 2007
Also known as: Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007
Latest action (May 17, 2007): Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, 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.
Policy area: Taxation · Origin: House · Introduced: May 17, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.