Gas Price Reduction Act of 2006
Latest action. Read twice and referred to the Committee on Finance.
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.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on April 27, 2006. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 27, 2006: Read twice and referred to the Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
John Thune (R-SD) introduced it on April 27, 2006, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 27, 2006, 7441 days ago. The most recent recorded action was 7441 days ago, on April 27, 2006.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers