H.R.2372 - WEAN Off of Oil Act of 2007110th Congress (2007-2008)
Summary: H.R.2372 — 110th Congress (2007-2008)
Introduced in House (05/17/2007)
Windfall Energy Alternatives for the Nation (WEAN) Off of Oil Act of 2007 or the WEAN Off of Oil Act of 2007 - Amends the Internal Revenue Code to impose upon major integrated oil companies an excise tax of 50 percent of their net windfall profits from the production of taxable crude oil in a taxable year. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over the adjusted base price of such barrel (i.e., $50 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.
Allows a tax deduction for the payment of any windfall profit tax.
Establishes a separate account to be funded by windfall profit tax receipts (to be known as the Strategic Energy Efficiency and Renewables Reserve) for the purpose of financing legislation to: (1) accelerate the use of clean domestic renewable energy resources and alternative fuels; (2) promote the utilization of energy-efficient products, practices, and conservation; and (3) increase research, development, and deployment of clean renewable energy and efficiency technologies.