H.R. 5485 (ih) To temporarily exempt from restrictions on carriage in coastwise trade the transport of petroleum and petroleum products between ports designated by the President. [Introduced in House] ...

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106th CONGRESS
  2d Session
                                H. R. 5484

To amend the Internal Revenue Code of 1986 to impose a windfall profits 
tax on electricity sold in Orange and San Diego Counties in California 
                       during the summer of 2000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 18, 2000

 Mr. Bilbray introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to impose a windfall profits 
tax on electricity sold in Orange and San Diego Counties in California 
                       during the summer of 2000.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Electricity Windfall Profit Tax Act 
of 2000''.

SEC. 2. WINDFALL PROFITS TAX ON ELECTRICITY SOLD IN CERTAIN CALIFORNIA 
              COUNTIES DURING THE SUMMER OF 2000.

    (a) In General.--Subtitle E of the Internal Revenue Code of 1986 
(relating to alcohol, tobacco, and certain other excise taxes) is 
amended by adding at the end thereof the following new chapter:

          ``CHAPTER 55--WINDFALL PROFIT ON CERTAIN ELECTRICITY

                              ``Sec. 5886. Imposition of tax.

``SEC. 5886. IMPOSITION OF TAX.

    ``(a) In General.--In addition to any other tax imposed under this 
title, there is hereby imposed an excise tax equal to the windfall 
profit on the retail sale of electricity for use in Orange and San 
Diego Counties in California during June, July, or August of 2000.
    ``(b) Windfall Profit.--For purposes of this section, the term 
`windfall profit' means, with respect to any sale, so much of the 
profit on such sale as exceeds a just and reasonable profit.
    ``(c) Liability for Payment of Tax.--The tax imposed by subsection 
(a) shall be paid by the seller and shall be paid not later than 
November 1, 2000.''
    (b) Clerical Amendment.--The table of chapters for subtitle E of 
such Code is amended by adding at the end the following new item:

                              ``Chapter 55. Windfall profit on certain 
                                        electricity.''
    (c) Effective Date.--The amendments made by this section shall take 
effect on June 1, 2000.
    (d) Appropriations of Revenues to Orange and San Diego Counties.--
There is hereby appropriated from the general fund of the Treasury an 
amount equal to the revenues received in the Treasury under chapter 55 
of the Internal Revenue Code of 1986 (as added by this Act). The amount 
appropriated under the preceding sentence shall be paid to Orange and 
San Diego Counties in California to provide relief to residents for the 
high costs of electricity incurred during the summer of 2000.
                                 <all>

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