Home > 106th Congressional Bills > S. 3119 (is) To amend the Act entitled ``An Act to provide for the establishment of Fort Clatsop National Memorial in the State of Oregon, and for other purposes.''. [Introduced in Senate] ...

S. 3119 (is) To amend the Act entitled ``An Act to provide for the establishment of Fort Clatsop National Memorial in the State of Oregon, and for other purposes.''. [Introduced in Senate] ...


Google
 
Web GovRecords.org








106th CONGRESS
  2d Session
                                S. 3118

To amend the Internal Revenue Code of 1986 to impose a windfall profits 
  adjustment on crude oil (and products thereof) and to fund heating 
          assistance for consumers and small business owners.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           September 27 (legislative day, September 22), 2000

   Mr. Leahy introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to impose a windfall profits 
  adjustment on crude oil (and products thereof) and to fund heating 
          assistance for consumers and small business owners.

    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 ``Windfall Oil Profits For Heating 
Assistance Act of 2000''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds the following:
            (1) The overall net income for the 14 major petroleum 
        companies more than doubled in the second quarter of 2000 
        relative to the second quarter of 1999, to $10,300,000,000.
            (2) In the second quarter of 2000, BP Amoco reported 
        profits of $2,870,000,000, Chevron Corporation reported profits 
        of $1,140,000,000, Conoco reported profits of $460,000,000, 
        Exxon Mobil Corporation reported profits of $4,530,000,000, 
        Marathon Oil Company reported profits of $367,000,000, Phillips 
        Petroleum Company reported profits of $439,000,000, Royal 
        Dutch/Shell Group reported profits of $3,150,000,000, and 
        Texaco, Inc. reported profits of $641,000,000.
            (3) When compared to the second quarter of 1999, the 
        profits in the second quarter of 2000 increased 133 percent for 
        BP Amoco, 136 percent for Chevron, 205 percent for Conoco, 123 
        percent for Exxon Mobil, 208 percent for Marathon, 275 percent 
        for Phillips, 96 percent for Shell, and 124 percent for Texaco.
            (4) The profits in the second quarter of 2000 for BP Amoco, 
        Chevron, Conoco, Exxon Mobil, and Shell were record quarterly 
        profits for these oil companies.
            (5) In the first quarter of 2000, ARCO reported profits of 
        $333,000,000, BP Amoco reported profits of $2,680,000,000, 
        Chevron reported profits of $1,100,000,000, Conoco reported 
        profits of $391,000,000, Exxon Mobil reported profits of 
        $3,350,000,000, Phillips reported profits of $250,000,000, 
        Shell reported profits of $3,130,000,000, and Texaco reported 
        profits of $602,000,000.
            (6) When compared to the first quarter of 1999, the profits 
        in the first quarter of 2000 increased 136 percent for ARCO, 
        296 percent for BP Amoco, 291 percent for Chevron, 371 percent 
        for Conoco, 108 percent for Exxon Mobil, 257 percent for 
        Phillips, 117 percent for Shell, and 473 percent for Texaco.
            (7) The profits in the first quarter of 2000 for BP Amoco, 
        Conoco, Exxon Mobil, and Shell were record quarterly profits.
            (8) On June 19, 2000, gasoline prices hit all-time highs 
        across the United States, with a national average of $1.68 per 
        gallon, according to the Energy Information Administration.
            (9) On September 22, 2000, the Department of Energy 
        estimated that heating oil inventories nationwide are 36 
        percent lower than in 1999, in the East such inventories are 40 
        percent lower than in 1999, and in New England such inventories 
        are 65 percent lower than in 1999.
            (10) American consumers continue to pay sky-high gasoline 
        prices and home heating oil prices are expected to hit an all-
        time high in the winter of 2000-2001 while the oil industry 
        continues to reap record profits.
    (b) Purpose.--The purpose of this Act is to transfer windfall 
profits from the oil industry to fund heating assistance for consumers 
and small business owners.

SEC. 3. WINDFALL PROFITS ADJUSTMENT.

    (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 the following new chapter:

    ``CHAPTER 55--WINDFALL PROFITS ON CRUDE OIL AND PRODUCTS THEREOF

                              ``Sec. 5886. Imposition of tax.

``SEC. 5886. IMPOSITION OF TAX.

    ``(a) In General.--An excise tax is hereby imposed on the windfall 
profit from any domestic crude oil or other taxable product removed 
from the premises during the taxable year at a rate equal to 100 
percent of such windfall profit.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Premises.--The term `premises' has the same meaning 
        as when used for purposes of determining gross income from 
        property under section 613.
            ``(2) Producer.--The term `producer' means the holder of 
        the economic interest with respect to the crude oil or taxable 
        product.
            ``(3) Reasonable profit.--The term `reasonable profit' 
        means the amount determined by the Chairman of the Federal 
        Trade Commission to be a reasonable profit on the crude oil or 
        taxable product.
            ``(4) Taxable product.--The term `taxable product' means 
        any fuel which is a product of crude oil.
            ``(5) Windfall profit.--The term `windfall profit' means, 
        with respect to any removal of crude oil or taxable product, so 
        much of the profit on such removal as exceeds a reasonable 
        profit.
    ``(c) Liability for Payment of Tax.--The tax imposed by subsection 
(a) shall be paid by the producer of the crude oil or taxable product.
    ``(d) Regulations.--The Secretary shall prescribe such regulations 
as may be necessary or appropriate to carry out the purposes of this 
section.''.
    (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 profits on crude 
                                        oil and products thereof.''
    (c) Effective Date.--The amendments made by this section shall 
apply to crude oil or other products removed from the premises on or 
after January 1, 2000.

SEC. 4. FEDERAL TRADE COMMISSION INVESTIGATION AND DETERMINATION OF 
              REASONABLE PROFITS.

    (a) Investigation of Oil Industry Profits.--The Chairman of the 
Federal Trade Commission shall investigate the profits of the oil 
industry, including the 14 major petroleum companies, on the sale in 
the United States of any crude oil or other taxable product (as defined 
in section 5886(b) of the Internal Revenue Code of 1986) made after 
January 1, 1999.
    (b) Determination of Reasonable Oil Industry Profits.--The Federal 
Trade Commission 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 and products thereof).
    (c) Funding.--There are authorized to be appropriated to the 
Federal Trade Commission such funds as are necessary to carry out this 
section.

SEC. 5. ALLOCATION OF REVENUES FROM WINDFALL OIL PROFITS ADJUSTMENT TO 
              HEATING ASSISTANCE.

    (a) Establishment of Trust Fund.--Subchapter A of chapter 98 of 
subtitle I of the Internal Revenue Code of 1986 (relating to 
establishment of trust funds) is amended by adding at the end the 
following new section:

``SEC. 9511. WINDFALL OIL PROFITS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Windfall Oil 
Profits Trust Fund', consisting of such amounts as may be appropriated 
or credited to the Windfall Oil Profits Trust Fund as provided in this 
section.
    ``(b) Transfers to Windfall Oil Profits Trust Fund.--There are 
hereby appropriated to the Windfall Oil Profits Trust Fund amounts 
equivalent to the taxes received in the Treasury under section 5886.
    ``(c) Expenditures From Windfall Oil Profits Trust Fund.--Amounts 
in the Windfall Oil Profits Trust Fund shall be available, as provided 
by appropriations Acts, for making expenditures--
            ``(1) in an amount not to exceed 75 percent of amounts 
        transferred under subsection (b), for heating assistance for 
        consumers, and
            ``(2) in an amount not to exceed 25 percent of amounts 
        transferred under subsection (b), for heating assistance for 
        small businesses.''.
    (b) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of subtitle I of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new item:

        ``Sec. 9511. Windfall oil profits trust fund.''

                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S.Con.Res. 135 (rs) Recognizing the 25th anniversary of the enactment of the Education for All Handicapped Children Act of 1975. [Reported in Senate] ...
2 S. 548 (is) To establish the Fallen Timbers Battlefield and Fort Miamis National Historical Site in the State of Ohio. [Introduced in Senate] ...
3 H.R. 4700 (ih) To grant the consent of the Congress to the Kansas and Missouri Metropolitan Culture District Compact. [Introduced in House] ...
4 S. 449 (es) To direct the Secretary of the Interior to transfer to the personal representative of the estate of Fred Steffens of Big Horn County, Wyoming, certain land comprising the Steffens family property. [Engrossed in Senate] ...
5 H.R. 4576 (rh) Making appropriations for the Department of Defense for the fiscal year ending September 30, 2001, and for other purposes. [Reported in House] ...
6 H.Con.Res. 281 (enr) [Enrolled bill] ...
7 H.R. 4972 (ih) To amend the Internal Revenue Code of 1986 to encourage the granting of employee stock options. [Introduced in House] ...
8 H.R. 4403 (ih) To establish an Office of Science and Technology in the Office of Justice Programs of the Department of Justice. [Introduced in House] ...
9 S. 1912 (is) To facilitate the growth of electronic commerce and enable the [Introduced in Senate] ...
10 H.R. 432 (enr) To designate the North/South Center as the Dante B. Fascell North-South Center. [Enrolled bill] ...
11 H.R. 2466 (pcs) Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 2000, and for other purposes. [Placed on Calendar Senate] ...
12 S. 1324 (es) To expand the boundaries of the Gettysburg National Military Park to include the Wills House, and for other purposes. [Engrossed in Senate] ...
13 H.R. 418 (ih) To amend title XVIII of the Social Security Act to require universal product numbers on claims forms submitted for reimbursement for durable medical equipment and other items under the Medicare Program. [Introduced in House] ...
14 S. 629 (is) To amend the Federal Crop Insurance Act and the Agricultural Market [Introduced in Senate] ...
15 S. 1769 (rs) To continue the reporting requirements of section 2519 of title 18, United States Code, beyond December 21, 1999, and for other purposes. [Reported in Senate] ...
16 H.Res. 291 (rh) Waiving points of order against the conference report to accompany the [Reported in House] ...
17 H.R. 2621 (ih) To amend the Public Health Service Act to provide for the establishment of a pediatric research initiative. [Introduced in House] ...
18 H.R. 1681 (ih) To concentrate Federal resources aimed at the prosecution of drug offenses on those offenses that are major. [Introduced in House] ...
19 H.R. 3887 (ih) To promote primary and secondary health promotion and disease prevention services and activities among the elderly, to amend title XVIII of the Social Security Act to add preventive benefits, and for other purposes. [Introduced in House] %%...
20 S. 1794 (rs) To designate the Federal courthouse at 145 East Simpson Avenue in Jackson, Wyoming, as the ``Clifford P. Hansen Federal Courthouse''. [Reported in Senate] ...
21 H.R. 617 (ih) To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to ensure full Federal compliance with that Act. [Introduced in House] ...
22 S. 3045 (es) To improve the quality, timeliness, and credibility of forensic science services for criminal justice purposes, and for other purposes. [Engrossed in Senate] ...
23 H.R. 5322 (ih) To provide to the Timbisha Shoshone Tribe a permanent land base within its aboriginal homeland, and for other purposes. [Introduced in House] ...
24 H.R. 1167 (enr) To amend the Indian Self-Determination and Education Assistance Act to provide for further self-governance by Indian tribes, and for other purposes. [Enrolled bill] ...
25 H.R. 705 (rfs) To make technical corrections with respect to the monthly reports submitted by the Postmaster General on official mail of the House of Representatives. [Referred in Senate] ...
26 S. 894 (is) To amend title 5, United States Code, to provide for the establishment of a program under which long-term care insurance is made available to Federal employees and annuitants, and for other purposes. [Introduced in Senate] ...
27 H.R. 3221 (ih) To review, reform, and terminate unnecessary and inequitable Federal payments, benefits, services, and tax advantages. [Introduced in House] ...
28 S. 3204 (is) To make certain corrections in copyright law. [Introduced in Senate] ...
29 H.R. 195 (ih) To apply the rates of duty effective after December 31, 1994, to certain water resistant wool trousers that were entered, or withdrawn from warehouse for consumption, after December 31, 1988, and before January 1, 1995. [Introduced in House]...
30 H.R. 728 (rh2) To amend the Watershed Protection and Flood Prevention Act to authorize ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy