H.R. 2003 · 112th Congress
Taxing Speculators out of the Oil Market Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DeFazioSponsor9 cosponsors · 9 D
D
Braley
RH
D
Holt
DE
D
Edwards
JT
D
Tierney
DC
D
Cicilline
BF
D
Filner
SB
D
Bonamici
EB
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Blumenauer
LS
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Slaughter2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person.
What it does: CRS summary · Introduced in House · May 26, 2011
Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.
Amends the Commodity Exchange Act to credit tax revenues from this Act as offsetting collections to appropriations to the Commodity Futures Trading Commission (CFTC). Requires any unexpended amounts to be used to reduce the public debt.
Requires the CFTC to: (1) subject each bank holding company that engages in trading in oil futures, options, and swaps, and each hedge fund that buys or sells a contract of sale of oil for future delivery, to the rules applicable to noncommercial participants in the markets for the contracts; and (2) revoke immediately each staff no-action letter that covers a foreign board of trade that has established a trading terminal in the United States for selling contracts to or from U.S. investors and engages in trading in oil futures, options, and swaps.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxing Speculators out of the Oil Market Act
Latest action (Jun 8, 2011): Referred to the Subcommittee on General Farm Commodities and Risk Management.
Policy area: Taxation · Origin: House · Introduced: May 26, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.