Summary: H.R.3379 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.3379. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/29/2009)

Lowering Oil Price Speculation for Infrastructure Dedicated to Economic Development Act of 2009 or the LOPSIDED Oil Prices Act of 2009 - Amends the Internal Revenue Code to: (1) impose an excise tax on transactions in oil futures and options, to be paid by the trading facility on which the transactions occur or the buyer of the transactions; (2) require withholding of such tax; and (3) deposit revenues from the tax into the Highway Trust Fund. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.