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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] ...


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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

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