S. 2782 would amend the Internal Revenue Code of 1986 to impose a temporary windfall profit on crude oil and transfer the proceeds of the tax to the Highway Trust Fund.
Detailed Summary
Recapture Excess Profits and Invest in Roads and Rail (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25% on the windfall profits of integrated oil companies and other producers and refiners of crude oil (crude oil condensates and natural gasoline) with gross receipts over $1 billion.
Allows a tax deduction for the payment of the windfall profit tax imposed by this Act.
Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.
Status of the Legislation
Latest Major Action: 3/13/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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