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108th CONGRESS
1st Session
H. R. 585
To amend the Internal Revenue Code of 1986 to impose a windfall profit
tax on crude oil and products thereof.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 5, 2003
Mr. Kucinich 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 profit
tax on crude oil and products thereof.
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 ``National Defense Oil Equity Act of
2003''.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) Iraq has 112 billion barrels of proven oil reserves
along with roughly 220 billion barrels of probable resources.
Only Saudi Arabia's oil reserves are larger. By far, the
majority of petroleum reserves (67%) are found in the Middle
East.
(2) The United States has 21 billion barrels of proven oil
reserves, twelfth highest in the world. United States proven
oil reserves have declined by almost 20% since 1990.
(3) The United States consumes 25% of the world's oil
supply, the largest share; yet it holds only 2.2 percent of the
world's proven oil reserves.
(4) Numerous foreign oil companies have preliminary
contracts to spend billions of dollars developing Iraqi oil
fields. These companies originate from Algeria, Australia,
Britain, Canada, China, France, India, Indonesia, Italy, Japan,
Malaysia, Netherlands, Russia, Spain, Turkey, and Vietnam.
(5) According to several news accounts, the Administration
is conferring with energy experts, industry executives, and
Iraqi opposition leaders on how to revive and expand Iraq's oil
fields after an invasion.
(6) United States Special Forces have been on the ground
inside Iraq since September of 2002 to monitor the oil fields
and rigs.
(7) During the first war in Iraq, oil prices rose to $41
per barrel, gasoline prices hit record levels, and oil
companies made record profits.
(8) According to Goldman Sachs, crude oil prices could
reach $45 per barrel as a result of a war in Iraq. The price of
oil has already increased $12 per barrel in the last year to
$33 per barrel.
SEC. 3. WINDFALL PROFITS TAX.
(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 CRUDE OIL AND PRODUCTS THEREOF
``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 on the sale in the United
States of any crude oil or other taxable product a tax equal to the
applicable percentage of the windfall profit on such sale.
``(b) Definitions.--For purposes of this section--
``(1) Taxable product.--The term `taxable product' means
any fuel which is a product of crude oil.
``(2) Windfall profit.--The term `windfall profit' means,
with respect to any sale, so much of the profit on such sale as
exceeds a reasonable profit.
``(3) Applicable percentage.--The term `applicable
percentage' means--
``(A) 50 percent to the extent that the profit on
the sale exceeds 100 percent of the reasonable profit
on the sale but does not exceed 102 percent of the
reasonable profit on the sale,
``(B) 75 percent to the extent that the profit on
the sale exceeds 102 percent of the reasonable profit
on the sale but does not exceed 105 percent of the
reasonable profit on the sale, and
``(C) 100 percent to the extent that the profit on
the sale exceeds 105 percent of the reasonable profit
on the sale.
``(4) Reasonable profit.--The term `reasonable profit'
means the amount determined by the Reasonable Profits Board to
be a reasonable profit on the sale.
``(c) Liability for Payment of Tax.--The taxes imposed by
subsection (a) shall be paid by the seller.
``(d) Application of Section.--This section shall apply during the
period beginning on the date of the enactment of this section and
ending on the date that the President certifies to the Congress than no
members of the Armed Forces of the United States are in Iraq.''
(b) Reasonable Profits Board.--
(1) Establishment.--There is established an independent
board to be known as the ``Reasonable Profits Board''
(hereafter in this subsection referred to as the ``Board'').
(2) Duties.--The Board shall make reasonable profit
determinations for purposes of applying section 5886 of the
Internal Revenue Code of 1986 (relating to windfall profit on
crude oil, natural gas, and products thereof).
(3) Advisory committee.--The Board shall be considered an
advisory committee within the meaning of the Federal Advisory
Committee Act (5 U.S.C. App.).
(4) Appointment.--
(A) Members.--The Board shall be composed of 3
members appointed by the President of the United
States.
(B) Term.--Members of the Board shall be appointed
for a term of 3 years.
(C) Background.--The members shall have no
financial interests in any of the businesses for which
reasonable profits are determined by the Board.
(5) Pay and travel expenses.--
(A) Pay.--Notwithstanding section 7 of the Federal
Advisory Committee Act (5 U.S.C. App.), members of the
Board shall be paid at a rate equal to the daily
equivalent of the minimum annual rate of basic pay for
level IV of the Executive Schedule under section 5315
of title 5, United States Code, for each day (including
travel time) during which the member is engaged in the
actual performance of duties vested in the Board.
(B) Travel expenses.--Members shall receive travel
expenses, including per diem in lieu of subsistence, in
accordance with section 5702 and 5703 of title 5,
United States Code.
(6) Director of staff.--
(A) Qualifications.--The Board shall appoint a
Director who has no financial interests in any of the
businesses for which reasonable profits are determined
by the Board.
(B) Pay.--Notwithstanding section 7 of the Federal
Advisory Committee Act (5 U.S.C. App.), the Director
shall be paid at the rate of basic pay payable for
level IV of the Executive Schedule under section 5315
of title 5, United States Code.
(7) Staff.--
(A) Additional personnel.--The Director, with the
approval of the Board, may appoint and fix the pay of
additional personnel.
(B) Appointments.--The Director may make such
appointments without regard to the provisions of title
5, United States Code, governing appointments in the
competitive service, and any personnel so appointed may
be paid without regard to the provisions of chapter 51
and subchapter III of chapter 53 of that title relating
to classification and General Schedule pay rates.
(C) Detailees.--Upon the request of the Director,
the head of any Federal department or agency may detail
any of the personnel of that department or agency to
the Board to assist the Board in accordance with an
agreement entered into with the Board.
(D) Assistance.--The Comptroller General of the
United States may provide assistance, including the
detailing of employees, to the Board in accordance with
an agreement entered into with the Board.
(8) Other authority.--
(A) Experts and consultants.--The Board may procure
by contract, to the extent funds are available, the
temporary or intermittent services of experts or
consultants pursuant to section 3109 of title 5, United
States Code.
(B) Leasing.--The Board may lease space and acquire
personal property to the extent that funds are
available.
(9) Funding.--There are authorized to be appropriated such
funds as are necessary to carry out this subsection.
(c) 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 crude
oil and refined petroleum
products.''
(d) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
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