S. 2761 · 110th Congress
Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008
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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
SchumerSponsorNo cosponsors.
Recapture Excess Profits and Invest in Road (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion.
What it does: CRS summary · Introduced in Senate · Mar 13, 2008
Recapture Excess Profits and Invest in Road (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion.
Allows a tax deduction for the payment of the windfall profit tax imposed by this Act.
Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Recapture Excess Profits and Invest in Roads (REPAIR) Act of 2008
Latest action (Mar 13, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 13, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.