S.1981 - Windfall Profits Tax Act of 2005

A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to American consumers, to fund programs under the Low-Income Home Energy Assistance Act of 1981 and tax incentives for the manufacture of energy efficient motor vehicles by using a portion of the proceeds of such tax, and to deposit the balance of the tax collected into the Highway Trust Fund to support the funding of highway projects and to aid highway users, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Windfall Profits Tax Act of 2005 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to American consumers, to fund programs under the Low-Income Home Energy Assistance Act of 1981 and tax incentives for the manufacture of energy efficient motor vehicles by using a portion of the proceeds of such tax, and to deposit the balance of the tax collected into the Highway Trust Fund to support the funding of highway projects and to aid highway users, and for other purposes. as introduced.

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Introduced
 
Senate
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House
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President
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11/09/05
 
 
 
 
 
 
 

Official Summary

Windfall Profits Tax Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain oil companies for 50% of the windfall profit from all barrels of taxable crude oil. Defines \"windfall profit\" as the excess of the removal (sales) price of a barrel of taxable crude oil

Official Summary

Windfall Profits Tax Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain oil companies for 50% of the windfall profit from all barrels of taxable crude oil. Defines \"windfall profit\" as the excess of the removal (sales) price of a barrel of taxable crude oil over the adjusted base price of such barrel ($40 per barrel adjusted annually for inflation). Allows a tax deduction for any windfall profit tax paid. Terminates the tax 10 years after the date of enactment of this Act. Allows an income tax rebate for individual taxpayers of $150 in 2006 and, in subsequent years, of an amount to be determined by the Secretary of the Treasury based upon a percentage of windfall profit tax revenues collected. Establishes in the Treasury the Low-Income Energy Assistance Trust Fund. Transfers windfall profit tax revenues to such Fund and provides for expenditures from such Fund for the low-income energy assistance program. Allows a tax credit for investment in energy efficient motor vehicles and for related research and development costs. Bases the amount of such credit on the achievement of specified levels of fuel economy. Terminates such credit after 2015.

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