S. 2782 · 110th Congress
Recapture Excess Profits and Invest in Roads and Rail (REPAIR) Act of 2008
- Stage
- In committee
- Sponsor
- Chuck Schumer
- Introduced
- 2008-03-13
- Latest action
- 2008-03-13 · Introduced in Senate
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.