S. 1588 · 111th Congress
STOP Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsorNo cosponsors.
Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the…
What it does: CRS summary · Introduced in Senate · Aug 6, 2009
Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the sale or exchange of oil or natural gas and related commodities. Makes such tax treatment applicable to commodities acquired after August 31, 2009, and before January 1, 2014.
Directs the Secretary of the Treasury to study and report to Congress on the tax treatment of certain commodities and contracts under section 1256 of the Internal Revenue Code.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: STOP Act
Also known as: Stop Taxbreaks for Oil Profiteering Act
Latest action (Aug 6, 2009): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
Policy area: Taxation · Origin: Senate · Introduced: Aug 6, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.