US Congress Senate Bill 1588 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on August 6 2009 - 25% progression, died in chamber
Action: 2009-08-06 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
Text: Latest bill text (Introduced) [PDF]

Stop Tax-breaks for Oil Profiteering Act or the STOP Act - Amends the Internal Revenue Code to: (1) treat gain or loss from the sale or exchange of oil or natural gas and related commodities as ordinary income or loss (thus taxed at regular income tax rates); and (2) require certain tax-exempt entities to pay unrelated business tax on gain or loss from the sale or exchange of oil or natural gas and related commodities. Makes such tax treatment applicable to commodities acquired after August 31, 2009, and before January 1, 2014. Directs the Secretary of the Treasury to study and report to Congress on the tax treatment of certain commodities and contracts under section 1256 of the Internal Revenue Code.

STOP Act

Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2009-08-06		Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8998-8999)
2009-08-06		Sponsor introductory remarks on measure. (CR S8997-8998)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/1588/all-info
Text	https://www.congress.gov/111/bills/s1588/BILLS-111s1588is.pdf