Also tagged in: Actions and defenses, Air pollution, Alcohol as fuel, Alternative energy sources, Antitrust law, Armed forces, Biomass energy, Budgets, Business, Cartels, Climate change, Congress, Congressional oversight, Congressional reporting requirements, Criminal justice, Defense economics, Derivative securities, Disaster relief, Emergency management, Energy, Energy prices, Energy security, Energy supplies, Environmental protection, Finance, Fines (Penalties), Foreign policy, Foreign tax credit, Futures trading, Gasoline, Government information, Government liability (International law), Government procurement, Government publicity, Government trust funds, Governmental investigations, Greenhouse gases, Income tax, International affairs, Iraq compilation, Law, Losses, Margins (Security trading), Natural gas, Oil and gas royalties, Parties to actions, Petroleum industry, Petroleum reserves, Price fixing, Profit, Public contracts, Restrictive trade practices, Strategic materials, Tax credits, Tax deductions, Taxation of foreign income, Telecommunication, Telephone, Trade
Latest Action: 06/11/2008 - Motion to proceed to measure considered in Senate. (consideration: CR S5472-5517) Bill TextA bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. 5/20/2008--Introduced. Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares [...] show full description
Also tagged in: Automobile industry, Budgets, Business, Buy American, Collective bargaining, Energy, Energy efficiency, Executive departments, Federal advisory bodies, Federal aid to transportation, Fuel consumption, Gas industry, Income tax, Labor, Labor contracts, Mass rapid transit, Motor buses, Motor vehicles, Natural gas, Petroleum, Petroleum industry, Railroad commuting traffic, Subways, Tax credits, Taxation, Trade, Transportation, User charges
Latest Action: 05/09/2008 - Referred to the Subcommittee on Highways and Transit. Bill TextTo amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to allow an income tax credit for purchases of fuel-efficient passenger vehicles, and to allow grants for mass transit. 5/8/2008--Introduced. Gas Price Spike Act of 2008 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or products of crude oil or natural gas. Defines "windfall profit" as so much of the profit on a sale of crude oil, natural gas, or related products as exceeds a reasonable profit. Establishes the Reasonable Profits Board to determine levels of reasonable profit from the sale of such products. Allows a tax credit for the purchase of certain fuel-efficient, American-made passenger vehicles. Authorizes the Secretary of Transportation to make grants to operators of mass transit systems, including bus and commuter rail systems, to reduce passenger fares on such systems.
Also tagged in: Actions and defenses, Air pollution, Alcohol as fuel, Alternative energy sources, Antitrust law, Armed forces, Biomass energy, Budgets, Business, Cartels, Climate change, Congress, Congressional oversight, Congressional reporting requirements, Criminal justice, Defense economics, Derivative securities, Disaster relief, Emergency management, Energy, Energy prices, Energy security, Energy supplies, Environmental protection, Finance, Fines (Penalties), Foreign policy, Foreign tax credit, Futures trading, Gasoline, Government information, Government liability (International law), Government procurement, Government publicity, Government trust funds, Governmental investigations, Greenhouse gases, Income tax, International affairs, Iraq compilation, Law, Losses, Margins (Security trading), Natural gas, Oil and gas royalties, Parties to actions, Petroleum industry, Petroleum refineries, Petroleum reserves, Price fixing, Profit, Public contracts, Restrictive trade practices, Strategic materials, Tax credits, Tax deductions, Taxation of foreign income, Telecommunication, Telephone, Trade
Latest Action: 05/12/2008 - Sponsor introductory remarks on measure. (CR S3988-3989) Bill TextA bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. 5/7/2008--Introduced. Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares [...] show full description
Also tagged in: Budgets, Business, Consumers, Diesel motor, Energy, Energy prices, Excise tax, Gasoline, Government trust funds, Highway finance, Income tax, Oil and gas royalties, Petroleum, Petroleum industry, Petroleum reserves, Restrictive trade practices, Tax deductions, Tax rates, Taxation, Transportation
Latest Action: 05/02/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes. 5/2/2008--Introduced. Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.Expresses the sense of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from the suspension of gasoline excise taxes; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes. Directs the Federal Trade Commission (FTC) and the Commodities Futures Trading Commission (CFTC) to monitor oil, diesel, and gasoline markets to: (1) ensure that consumers receive the benefit resulting from the suspension of taxes; and (2) prevent [...] show full description
Also tagged in: Appropriations, Budgets, Business, Department of Health and Human Services, Energy, Energy assistance for the poor, Executive departments, Executive reorganization, Federal advisory bodies, Gas industry, Natural gas, Petroleum, Petroleum industry, Taxation, Welfare
Latest Action: 04/15/2008 - Referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, 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 Bill TextTo amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to appropriate the proceeds for the Low-Income Home Energy Assistance Program. 4/15/2008--Introduced. Consumer Reasonable Energy Price Protection Act of 2008 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or fuel which is the product of crude oil or natural gas. Defines "windfall profit" as so much of the profit as exceeds a reasonable profit. Establishes a Reasonable Profits Board to determine reasonable profit. Dedicates the proceeds of such tax to the low-income home energy assistance program.
Also tagged in: Budgets, Business, Corporation taxes, Energy, Excise tax, Federal aid to transportation, Government trust funds, Highway finance, Income tax, Petroleum, Petroleum industry, Tax deductions, Taxation, Transportation
Latest Action: 03/13/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes. 3/13/2008--Introduced. Recapture Excess Profits and Invest in Roads and Rail (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion. Allows a tax deduction for the payment of the windfall profit tax imposed by this Act. Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.
Also tagged in: Budgets, Business, Corporation taxes, Energy, Excise tax, Federal aid to transportation, Government trust funds, Highway finance, Income tax, Petroleum, Petroleum industry, Tax deductions, Taxation, Transportation
Latest Action: 03/13/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes. 3/13/2008--Introduced. Recapture Excess Profits and Invest in Road (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion. Allows a tax deduction for the payment of the windfall profit tax imposed by this Act. Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.
Also tagged in: Actions and defenses, American investments, Americans in foreign countries, Armed forces, Armed forces abroad, Business, Civil liberties, Clinics, Collection of accounts, Conferences, Congress, Congress and foreign policy, Congress and military policy, Congressional oversight, Congressional reporting requirements, Corporation taxes, Counterterrorism, Criminal justice, Damages, Defense contracts, Defense economics, Defense policy, Democracy, Diplomacy, Dispute settlement, Economic development, Economic policy, Embassies, Energy, Energy development, Ethnic relations, Executive departments, Extradition, Federal advisory bodies, Federal employees, Federal officials, Foreign aid, Foreign policy, Government contractors, Government employees, Government liability (International law), Hazardous substances, Hazardous wastes, Health policy, Hospitals, Human rights, Income tax, Insurgency, International affairs, International agencies, International finance, International military forces, International relief, Iran, Iraq, Iraq compilation, Land mines, Legislative resolutions, Limitation of actions, Medical care, Medical instruments and apparatus, Medical supplies, Medicine, Middle East and North Africa, Military bases, Military occupation, Military operations, Military posture, Military withdrawal, Minorities, Missing in action, Missing persons, Negotiations, Ordnance, Peace, Peacekeeping forces, Petroleum, Petroleum industry, Policy sciences, Politics and government, President and foreign policy, Prisoners, Prisons, Private police, Profit, Protection of officials, Public contracts, Public health, Religion, Religious liberty, Syria, Taxation, Terrorism, Terrorists, Torture, Trade, United Nations, Uranium, War relief, Weapons systems
Latest Action: 02/27/2008 - Referred to the Committee on Foreign Affairs, and in addition to the Committee on Armed Services, 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 Bill TextTo require the safe, complete, and fully-funded redeployment of United States Armed Forces and contractor security forces from Iraq and to prohibit the establishment of any enduring or permanent United States military bases in Iraq, and for other purposes. 2/27/2008--Introduced. Fully-Funded United States Military Redeployment and Sovereignty of Iraq Restoration Act of 2008 - States that it is the policy of the United States to: (1) commence the safe and orderly redeployment of U.S. troops and military contractors from Iraq; (2) pursue security and stability in Iraq through diplomacy; (3) help preserve the territorial integrity of Iraq and establish a democratic central government there; (4) account for missing U.S. personnel and citizens in Iraq; and (5) turn over all internal security activities and military operations in Iraq to its elected government within one year after the enactment of this Act. Repeals the Authorization for Use of Military Force Against Iraq [...] show full description
Also tagged in: Air pollution, Air pollution control, Alternative energy sources, Budgets, Business, Congress, Corporation taxes, Economic policy, Energy, Energy conservation, Energy efficiency, Energy prices, Energy research, Environmental protection, Environmental technology, Excise tax, Government trust funds, Income tax, Indexing (Economic policy), Legislation, Petroleum industry, Research and development, Science policy, Tax deductions, Taxation, Technology
Latest Action: 05/17/2007 - Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, 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 co Bill TextTo amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to make the revenues from such tax available for investments in renewable energy and energy efficiency, and for other purposes. 5/17/2007--Introduced. Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007 or the WEAN Off of Oil Act of 2007 - Amends the Internal Revenue Code to impose upon major integrated oil companies an excise tax of 50 percent of their net windfall profits from the production of taxable crude oil in a taxable year. Defines "windfall profit" 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., $50 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act. Allows a tax deduction for the payment of any windfall profit tax.Establishes a separate account to be funded by windfall profit tax receipts [...] show full description
Also tagged in: Accounting, Alaska, Alcohol as fuel, Alternative energy sources, Biomass energy, Budgets, Business, Commuting, Depreciation and amortization, Diesel motor, Energy, Energy assistance for the poor, Energy research, Finance, Foreign tax credit, Gas in submerged lands, Gasoline, Geology, Geophysical prediction, Government trust funds, Gulf of Mexico, Income tax, Inventories, Marine resources, Mass rapid transit, Natural gas, Natural resources, Oil and gas leases, Oil well drilling, Petroleum, Petroleum in submerged lands, Petroleum industry, Science policy, Service stations, Taxation, Transportation, Transportation rates, Welfare
Latest Action: 04/26/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to repeal certain provisions of the Energy Policy Act of 2005, close tax loopholes, impose windfall profits tax on major integrated oil companies, provide a reserve fund for biofuels research and infrastructure, and payments for low-income households. 4/26/2007--Introduced. Energy Security and Corporate Accountability Act of 2007 - Requires major integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Amends the Internal Revenue Code to: (1) set forth a special rule for the application of the foreign tax credit to major integrated oil companies which are dual capacity taxpayers; (2) provide for extended amortization (seven years instead of five) of geological and geophysical expenditures for major integrated oil companies; and (3) impose a windfall profits tax on major integrated oil companies.Repeals provisions of the Energy Policy Act or 2005 suspending royalties [...] show full description
Also tagged in: Administrative procedure, Alaska, Alcohol as fuel, Alternative energy sources, Antitrust law, Automobiles, Business, Cartels, Competition, Congress, Congressional investigations, Congressional reporting requirements, Corporate mergers, Corporation taxes, Economic concentration, Economic impact statements, Economic policy, Emergency management, Energy, Energy efficiency, Energy prices, Energy supplies, Executive departments, Export controls, Federal advisory bodies, Foreign policy, Free trade, Fuel consumption, Gasoline, Government procurement, Government vehicles, Governmental investigations, Income tax, International affairs, International agencies, Inventories, Law, Monopolies, Motor vehicles, Petroleum, Petroleum industry, Petroleum refineries, Petroleum reserves, Presidential powers, Presidents, Public contracts, Standards, Strategic materials, Tax credits, Taxation, Trade
Latest Action: 03/19/2007 - Referred to the Subcommittee on Energy and Mineral Resources. Bill TextTo provide for the stabilization of prices for gasoline, and for other purposes. 3/13/2007--Introduced. Gasoline Price Stabilization Act of 2007 - Sets forth circumstances under which the President may issue orders and regulations to stabilize prices for wholesale and retail gasoline at certain levels. Amends the Energy Policy and Conservation Act to include, among prerequisites to a drawdown and sale from the Strategic Petroleum Reserve, a presidential determination that a severe price increase resulting from an emergency situation is likely to cause a major adverse impact upon a state or regional economy. Expands the scope of "severe energy supply interruption" to encompass a reduction in supply that is substantially caused by conduct that either lessens competition, or tends to create a monopoly, by: (1) at least one foreign country or international entity; or (2) at least one producer, refiner, or marketer of petroleum products. Directs the [...] show full description
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