S. 2673 (109th): Gas Price Reduction Act of 2006

Introduced:
Apr 27, 2006 (109th Congress, 2005–2006)
Sponsor:
Sen. John Thune [R-SD]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on April 27, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 27, 2006
Referred to Committee Apr 27, 2006
Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to temporarily reduce the Federal fuel tax through the suspension of royalty relief for oil production and certain energy production tax incentives.

Summary

No summaries available.

Text

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Last updated Apr 27, 2006.
16 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/27/2006--Introduced.
Gas Price Reduction Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene from enactment of this Act until October 1, 2006 (suspension period).
Requires reimbursement to the Highway Trust Funds for revenues lost during the suspension period.
Expresses the sense of Congress that consumers should immediately benefit from the tax reductions under this Act. Directs the Secretary of the Interior to:
(1) suspend exemptions from payment of oil and natural gas royalties under federal leases (royalty relief) during any four-week period in which the average price of crude oil exceeds $50.00 per barrel and the average wellhead price of natural gas exceeds $6.25 per 1,000 cubic feet; and
(2) renegotiate such leases to provide for a suspension of royalty relief when crude oil and natural gas prices exceed a certain level.
Suspends provisions of the Internal Revenue Code granting tax deductions for oil and gas development, mining exploration, and intangible drilling and development expenditures and a tax credit for producing fuel from nonconventional sources until the Highway Trust Fund has been reimbursed for revenues lost during the suspension period.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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