H.R.443 - POWER Act107th Congress (2001-2002)
|Sponsor:||Rep. Filner, Bob [D-CA-50] (Introduced 02/06/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/06/2001 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Text: H.R.443 — 107th Congress (2001-2002)All Information (Except Text)
There is one version of the bill.
Text available as:
- PDF (PDF provides a complete and accurate display of this text.) Tip?
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>