Federal Electricity Restructuring Legislation

Bill Number: S. 173
Short Title: Consumer Utilities Turnback (CUT) Trust Fund Act of 2001
Introduced: January 24, 2001
Sponsor: Senator Barbara Boxer (D-CA)

Purpose: To amend the Internal Revenue Code of 1986 to impose a windfall profits adjustment on the production of domestic electricity and to use the resulting revenues to fund rebates for individual and business electricity consumers.

Summary: Amends the Internal Revenue Code to impose an excise tax on the windfall profit from the sale of electricity produced from a facility located in the United States at a rate equal to 100 percent of such windfall profit. Establishes the Consumer Utilities Turnback Trust Fund into which shall be appropriated revenues from such tax. Provides that amounts in the Fund shall be available, without further appropriation, for specified rebates for individual and business electricity consumers.