Gas Tax Equity Act of 2006

Bill: 109-hr-5285
Sponsor: Rep. Sanchez, Loretta [D-CA-47]
Introduced: 2006-05-03 in the House
Policy area: Energy
Subjects: Accounting
Alaska
Commerce
Congress
Congressional investigations
Congressional reporting requirements
Continental shelf
Corporation taxes
Depreciation and amortization
Diesel motor
Economics and Public Finance
Energy prices
Environmental Protection
Excise tax
Finance and Financial Sector
Foreign tax credit
Gas in submerged lands
Gas industry
Gasoline
Geology
Geophysical prediction
Government trust funds
Groundwater
Gulf of Mexico
Income tax
Infrastructure
Inventories
Marine and coastal resources, fisheries
Natural gas
Oil and gas leases
Oil and gas royalties
Oil pollution
Oil well drilling
Petroleum
Petroleum in submerged lands
Petroleum industry
Petroleum storage
Prospecting
Rent
Road construction
Secondary recovery of gas
Secondary recovery of oil
Submarine oil well drilling
Subsidies
Tax credits
Tax deductions
Tax exemption
Tax rates
Tax refunds
Taxation
Transportation and Public Works
Underground storage
Valuation
Water pollution control

Summary:
action_date: 2006-05-03
text: 
Gas Tax Equity Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene for a 60-day period beginning after the enactment of this Act (suspension period). Requires reimbursement to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund for tax revenues lost during the suspension period. 
 
Expresses the sense of Congress that the reduction of taxes under this Act should immediately benefit consumers.
 
Repeals provisions of the Energy Policy Act of 2005 relating to: (1) the program on oil and gas royalties in-kind; (2) incentives for natural gas production from deep wells in the Gulf of Mexico; (3) suspension of royalty payments under federal leases in the Gulf of Mexico, Alaska, and the Outer Continental Shelf; and (4) exploration incentives in the National Petroleum Reserve in Alaska. 
 
Requires certain integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts in 2005) to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies: (1) two-year amortization of geological and geophysical expenditures; and (2) foreign tax credits for payments to certain foreign countries from which such oil companies receive a specified economic benefit as a dual capacity taxpayer.


Legislative actions:
action_date: 2006-05-16
text: Referred to the Subcommittee on Energy.
action_date: 2006-05-15
text: Executive Comment Requested from Interior.
action_date: 2006-05-15
text: Referred to the Subcommittee on Energy and Mineral Resources.
action_date: 2006-05-03
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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: 2006-05-03
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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: 2006-05-03
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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: 2006-05-03
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Resources, and Science, 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: 2006-05-03
text: Sponsor introductory remarks on measure. (CR H1986)
action_date: 2006-05-03
text: Introduced in House
action_date: 2006-05-03
text: Introduced in House