PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 25, 2006
Oil Company Accountability Act - Amends the Internal Revenue Code to: (1) grant individual taxpayers with adjusted gross incomes of not more than $120,000 a $500 tax rebate in 2006; (2) require large integrated oil companies to make certain adjustments to the value of their LIFO inventories of crude oil, natural gas, or other petroleum products; and (3) deny a foreign tax credit to large integrated oil companies designated as dual capacity taxpayers for amounts paid to a foreign country which does not have a generally applicable income tax and from which such oil companies receive an economic benefit. Defines "large integrated oil companies" as companies with annual gross receipts in excess of $1 billion and average daily worldwide crude oil production of at least 500,000 barrels.
People & committees
Sen. Stabenow, Debbie [D-MI] · D–MI
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S3440)
Introduced in Senate
Primary sources
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Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.
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