,,ii #aaith ,,congress #b;d ,session ,s4 #eefi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bh1 #bjbf,mr4 ,schiff introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to impose a fee on excess oil profits4 #a4 ,short title ,this ,act may be cited as the ,oil ,company ,windfall ,profits ,tax ,act of #bjbf4 #b4 ,excess oil profit fee 7a7 ,in general ,subtitle ,e of the ,internal ,revenue ,code of #aihf is amended by adding at the end thereof the following new chapter3 #ef ,fee on excess oil profit ,sec4 #ehif4 ,imposition of fee4,sec4 #ehig4 ,excess profit2 etc4,sec4 #ehih4 ,special rules and definitions4 #ehif4 ,imposition of fee 7a7 ,in general ,in addition to any other tax imposed under this title1 there is hereby imposed on any applicable taxpayer an excise fee in an amount equal to #ej percent of the excess profit of such taxpayer for any taxable year beginning after ,december #ca1 #bjbe4 7b7 ,applicable taxpayer ,for purposes of this chapter1 the term applicable taxpayer means any integrated oil company 7as defined in section #bia7;b77#d774 #ehig4 ,excess profit2 etc 7a7 ,general rule ,for purposes of this chapter1 the term excess profit means the excess of the adjusted taxable income of the applicable taxpayer for the taxable year over the reasonably inflated average profit for such taxable year4 7b7 ,adjusted taxable income ,for purposes of this chapter1 with respect to any applicable taxpayer1 the adjusted taxable income for any taxable year is equal to the taxable income for such taxable year 7within the meaning of section #fc and determined without regard to this subsection7 increased by any interest expense deduction1 charitable contribution deduction1 and any net operating loss deduction carried forward from any prior taxable year4 ,in the case of any applicable taxpayer which is a foreign corporation1 the adjusted taxable income shall be determined with respect to such income which is effectively connected with the conduct of a trade or business in the ,united ,states4 7c7 ,reasonably inflated average profit ,for purposes of this chapter1 with respect to any applicable taxpayer1 the reasonably inflated average profit for any taxable year is an amount equal to-- 7#a7 the average of the adjusted taxable income of such taxpayer during the #e-taxable-year period beginning with the first taxable year beginning after ,december #ca1 #bjbj1 as determined without regard to the taxable year with the highest adjusted taxable income in such period1 plus 7#b7 an amount equal to #aj percent of the amount determined under paragraph 7#a74 #ehih4 ,special rules and definitions 7a7 ,withholding and deposit of fee ,the ,secretary shall provide such rules as are necessary for the withholding and deposit of the fee imposed under section #ehif4 7b7 ,records and information ,each taxpayer liable for tax under section #ehif shall keep such records1 make such returns1 and furnish such information as the ,secretary may by regulations prescribe4 7c7 ,return of fee ,the ,secretary shall provide for the filing and the time of such filing of the return of the fee imposed under section #ehif4 7d7 ,businesses under common control ,for purposes of this chapter1 all members of the same controlled group of corporations 7within the meaning of section #bfg7;f77 and all persons under common control 7within the meaning of section #eb7;b7 but determined by treating an interest of more than #ej percent as a controlling interest7 shall be treated as #a person4 7e7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this chapter4 4 7b7 ,transfer of revenue to ,highway ,trust ,fund ,section #iejc of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in subsection 7b7-- 7,a7 in the heading1 by inserting 1 fees1 after taxes1 7,b7 in paragraph 7#a7-- 7i7 in the heading1 by inserting and fees after taxes1 7ii7 in the matter preceding subparagraph 7,a71 by inserting and fees after the taxes1 7iii7 in subparagraph 7,d71 by striking and at the end1 7iv7 in subparagraph 7,e71 by striking the period at the end and inserting 1 and1 and 7v7 by inserting after subparagraph 7,e7 the following new subparagraph3 7,f7 section #ehif 7relating to fee on excess oil profit74 1 and 7,c7 in paragraph 7#d7-- 7i7 in the heading1 by inserting and fees after taxes1 7ii7 in the matter preceding subparagraph 7,a71 by inserting and fees after the taxes1 7iii7 in subparagraph 7,c71 by striking or at the end1 7iv7 in subparagraph 7,d77iii71 by striking the period at the end and inserting 1 or1 and 7v7 by inserting after subparagraph 7,d7 the following new subparagraph3 7,e7 section #ehif with respect to an amount equal to #j4edce percent of such fee4 1 and 7#b7 in subsection 7e7-- 7,a7 in paragraph 7#b71 by striking ,the ,secretary of the ,treasury and inserting ,subject to paragraph 7#f71 the ,secretary of the ,treasury1 7,b7 in paragraph 7#e71 by striking the application of paragraph 7#b7 and inserting the application of paragraphs 7#b7 and 7#f71 and 7,c7 by adding at the end the following new paragraph3 7#f7 ,additional transfer to ,mass ,transit ,account ,in addition to the transfer described in paragraph 7#b71 the ,secretary of the ,treasury shall transfer to the ,mass ,transit ,account an amount equal to #ae4fc percent of the amounts appropriated to the ,highway ,trust ,fund under subsection 7b7 which 7after the application of paragraph 7#d77;,e7 of such subsection7 are attributable to fees under section #ehif4 4 7c7 ,transfer of revenue to ,leaking ,underground ,storage ,tank ,trust ,fund ,section #iejh7;b7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in paragraph 7#c71 by striking and at the end1 7#b7 in paragraph 7#d71 by striking the period at the end and inserting 1 and1 and 7#c7 by inserting after paragraph 7#d7 the following new paragraph3 7#e7 fees received in the ,treasury under #ehif 7relating to fee on excess oil profit7 in an amount equal to #j4edce percent of such fee4 4 7d7 ,clerical amendment ,the table of chapters for subtitle ,e of such ,code is amended by adding at the end the following new item3 ,chapter #ef--;,fee on excess oil profit 4 7e7 ,deductibility of fee ,the first sentence of section #afd7;a7 of such ,code is amended by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,the fee imposed by section #ehif4 4