Windfall Profits and Consumer Assistance Act of 2005

Bill: 109-hr-4263
Sponsor: Rep. Markey, Edward J. [D-MA-7]
Introduced: 2005-11-09 in the House
Policy area: Taxation
Subjects: Commerce
Economics and Public Finance
Energy
Energy assistance for the poor
Energy prices
Excess profits tax
Excise tax
Government trust funds
Income tax
Petroleum
Petroleum industry
Social Welfare
Tax rebates

Summary:
action_date: 2005-11-09
text: 
Windfall Profits and Consumer Assistance Act of 2005 - Amends the Internal Revenue Code to impose upon producers of crude oil an excise tax of 50 percent of their net windfall profit from the production of taxable crude oil in a taxable year. Defines &quot;windfall profit&quot; 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., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act. 
 
Establishes in the Treasury the Consumer Energy Assistance Trust Fund. Transfers to such Fund windfall profit tax revenues and makes amounts in such Fund available to carry out the Low-Income Home Energy Assistance Act of 1981. 
 
Grants to taxpayers an income tax rebate in an amount to be determined by the Secretary of the Treasury based upon the number of taxpayers and available windfall profit tax revenues (reduced by amounts appropriated to such Fund).


Legislative actions:
action_date: 2006-04-26
text: Motion to Discharge Committee filed by Mr. Markey. Petition No: 109-12. (<a href="http://clerk.house.gov/109/lrc/pd/Petitions/Dis12.htm">Discharge petition</a> text with signatures.)
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: 2005-11-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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, and Education and the Workforce, 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, and Education and the Workforce, 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, and Education and the Workforce, 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: Sponsor introductory remarks on measure. (CR E2309)
action_date: 2005-11-09
text: Introduced in House
action_date: 2005-11-09
text: Introduced in House