Text: H.R.443 — 107th Congress (2001-2002)All Information (Except Text)

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Introduced in House (02/06/2001)

 
[Congressional Bills 107th Congress]
[From the U.S. Government Printing Office]
[H.R. 443 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 443

To amend the Internal Revenue Code of 1986 to impose a windfall profit 
      tax on wholesale electric energy sold in the Western System 
                         Coordinating Council.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 6, 2001

  Mr. Filner introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to impose a windfall profit 
      tax on wholesale electric energy sold in the Western System 
                         Coordinating Council.

    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 ``Public Oversight of Wholesale 
Electric Rates Act'' or ``POWER Act''.

SEC. 2. EXCISE TAX ON WINDFALL PROFIT FROM SALE OF ELECTRICITY ABOVE 
              MAXIMUM PRICE ALLOWABLE.

    (a) In General.--Subtitle D of the Internal Revenue Code of 1986 is 
amended by inserting after chapter 44 the following new chapter:

  ``CHAPTER 45--EXCISE TAX ON WINDFALL PROFIT FROM SALE OF ELECTRICITY

                              ``Sec. 4986. Excise tax on windfall 
                                        profit from sale of 
                                        electricity.

``SEC. 4986. EXCISE TAX ON WINDFALL PROFIT FROM SALE OF ELECTRICITY.

    ``(a) Imposition of Tax.--An excise tax is hereby imposed on the 
windfall profit from the sale of electricity at wholesale in the 
Western System Coordinating Council.
    ``(b) Liability for Tax.--The tax imposed by this section shall be 
paid by the person selling the electricity at wholesale.
    ``(c) Amount of Tax.--The amount of tax imposed by subsection (a) 
shall be 100 percent of the windfall profit from the sale.
    ``(d) Windfall Profit.--For purposes of this section, the term 
`windfall profit' means the profits from the sale attributable to the 
excess of the rate at which the electric energy is sold over the price 
for such energy based on the seller's costs, including a return of and 
on invested capital, established in accordance with part II of the 
Federal Power Act.''.
    (b) Conforming Amendments.--
            (1) Section 275(a)(6) of such Code is amended by inserting 
        ``45,'' after ``44,''.
            (2) Section 6103(d)(1) of such Code is amended by inserting 
        ``45,'' after ``44,''.
            (3) Section 6302(b) of such Code is amended by striking 
        ``or 33'' and inserting ``33, or 45''.
            (4) Section 6416(a)(1) of such Code is amended by inserting 
        ``, or chapter 45 (relating to excise tax on windfall profit 
        from sale of electricity above maximum price allowable),''.
            (5) Section 6416(d) of such Code is amended by striking 
        ``or 32'' and inserting ``32, or 45''.
    (c) Clerical Amendment.--The table of chapters for subtitle D of 
such Code is amended by inserting after the item relating to chapter 44 
the following new item:

                              ``Chapter 45. Excise tax on windfall 
                                        profit from sale of 
                                        electricity.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to electricity sold after June 1, 2000.
                                 <all>