s 50434 1209700800 false 1209700800 2971 523 110 300022

5/2/2008--Introduced.<br/>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.<br/>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 price gouging and market manipulation. Imposes in taxable years beginning in 2008 an excise fee of 50% of the excess profit of integrated oil companies and other producers or refiners of crude oil with gross receipts exceeding $1 billion. Defines &quot;excess profit&quot; for purposes of this Act. Directs the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method until December 31, 2008. Permits an earlier resumption of petroleum acquisition for periods when the weighted average price of petroleum is $75 or less per barrel.<br/>

1209700800 2008-05-02 Fri Nov 07 18:23:44 -0600 2008 introduced 50434 'tax':20 '1986':10 'bill':2 'code':8 'fuel':19 'amend':4 'intern':6 'provid':12 'purpos':24 'revenu':7 'highway':18 'suspens':15 58833 false official introduced 50434 1209700800 Fri May 02 00:00:00 -0500 2008 152854 C001041 1947-10-26 Hillary 'd':4 'ny':5 'sen':1 'clinton':3,7,9 'hillari':2,6,8 F 300022 Clinton Hillary_Clinton Rodham Sen. Hillary Clinton [D, NY] N00000019 25198 Democrat Methodist NY Hillary Clinton 3.33846153846154 B001233 1955-12-26 131 Russell Senate Office Building http://bayh.senate.gov/contact/email/ 202-228-1377 Evan 'd':4 'sen':1 'bayh':3,7,9 'evan':2,6,8 M 300006 Bayh Evan_Bayh Sen. Evan Bayh [D, IN] N00003762 14975 Democrat 202-224-5623 Episcopalian IN Evan Bayh 3.56 http://bayh.senate.gov M000639 1954-01-01 528 Hart Senate Office Building http://menendez.senate.gov/contact/contact.cfm 202-228-2197 Robert 'd':4 'nj':5 'bob':8 'sen':1 'robert':2,6,9 'menendez':10 'menéndez':3,7 M 400272 Menéndez Robert_Menendez Sen. Robert Menéndez [D, NJ] Bob N00000699 13698 Democrat 202-224-4744 Roman Catholic NJ Robert Menendez 2.11764705882353 http://menendez.senate.gov/ SenatorMenendezNJ introduced 50434 1209700800 Fri May 02 00:00:00 -0500 2008 152854 action 50434 1209700800 Fri May 02 00:00:00 -0500 2008 152855 Read twice and referred to the Committee on Finance.