Consumer Windfall Excess Oil Profits Protection Act of 2005

Bill: 109-hr-4276
Sponsor: Rep. Larson, John B. [D-CT-1]
Introduced: 2005-11-09 in the House
Policy area: Taxation
Subjects: Appropriations
Armed Forces and National Security
Commerce
Department of Health and Human Services
Department of Veterans Affairs
Economics and Public Finance
Energy
Energy assistance for the poor
Energy prices
Excess profits tax
Excise tax
Gas industry
Government Operations and Politics
Health
Income tax
Natural gas
Petroleum
Petroleum industry
Social Welfare
Tax deductions
Veterans' medical care

Summary:
action_date: 2005-11-09
text: 
Consumer Windfall Excess Oil Profits Protection Act of 2005 - Amends the Internal Revenue Code to impose an excise tax of 50 percent on the windfall profit from sales of any crude oil, natural gas, or related products and the net gains from transactions related to the price of crude oil, natural gas, or related products. Defines &quot;windfall profit&quot; as the excess of taxpayer adjusted taxable income over the reasonably inflated average profit for the taxable year (average of taxpayer adjusted taxable income for 2000-2004, plus 10 percent of such average).
 
Allows a tax deduction for the payment of any such windfall profit tax. 
 
Appropriates equal amounts of the windfall profit tax generated by this Act to carry out the Low-Income Home Energy Assistance Act of 1981 and to increase funding for Department of Veterans Affairs medical services.


Legislative actions:
action_date: 2006-03-24
text: Referred to the Subcommittee on Education Reform.
action_date: 2005-11-22
text: Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
action_date: 2005-11-17
text: Referred to the Subcommittee on Health.
action_date: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
action_date: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
action_date: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
action_date: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
action_date: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and the Workforce, and Veterans' Affairs, 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.
action_date: 2005-11-09
text: Introduced in House
action_date: 2005-11-09
text: Introduced in House