S.1588 - STOP Act

A bill to amend the Internal Revenue Code of 1986 to provide the same tax treatment for both commercial and noncommercial investors in oil and natural gas and related commodities, and for other purposes. view all titles (3)

All Bill Titles

  • Short: STOP Act as introduced.
  • Short: Stop Taxbreaks for Oil Profiteering Act as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to provide the same tax treatment for both commercial and noncommercial investors in oil and natural gas and related commodities, and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 1,417
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
08/06/09
 
 
 
 
 
 
 

Official Summary

Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exe

Official Summary

Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to:
(1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and
(2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the sale or exchange of oil or natural gas and related commodities. Makes such tax treatment applicable to commodities acquired after August 31, 2009, and before January 1, 2014. Directs the Secretary of the Treasury to study and report to Congress on the tax treatment of certain commodities and contracts under section 1256 of the Internal Revenue Code.

...Read the Rest




Vote on This Bill

50% Users Support Bill

1 in favor / 1 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC