H.R. 585 · 108th Congress
National Defense Oil Equity Act of 2003
- Stage
- In committee
- Sponsor
- Dennis Kucinich
- Introduced
- 2003-02-05
- Latest action
- 2003-02-05 · Introduced in House
Summary
National Defense Oil Equity Act of 2003 - Amends the Internal Revenue Code to impose an excise tax on the sale of any crude oil or product of crude oil a tax equal to the applicable percentage of the windfall profit on such sale. Defines windfall profit to mean so much of the profit on such sale as exceeds a reasonable profit. Establishes the Reasonable Profits Board to make reasonable profit determinations.