A resolution requesting the Davidson County Delegation to the Tennessee General Assembly and the Davidson County Congressional Delegation to take the action necessary to impose a windfall profits tax on gasoline and diesel fuel.

WHEREAS, a windfall profits tax is a tax imposed on a business or industry as a result of an unexpected increase in profits; and

WHEREAS, as a result of the energy crisis of 1973, Congress enacted a windfall profits tax levied on domestic oil producers in an effort to prevent such oil producers from realizing an unexpected and unreasonably high profit; and

WHEREAS, the closure of oil refineries caused by hurricane Katrina has caused the price of gasoline to skyrocket, which will likely result in unreasonable profits for oil companies; and

WHEREAS, a bill currently pending with the United States Congress, known as the Gas Price Spike Act of 2005, would institute a windfall profits tax on gasoline and diesel that would be imposed on all excessive profits of refineries and distributors; and

WHEREAS, it is fitting and proper that state and federal government leaders consider enacting a windfall profits tax on the oil industry to protect the citizens and taxpayers of Tennessee.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That the Metropolitan County Council hereby goes on record as requesting the Davidson County Delegation to the Tennessee General Assembly and the Davidson County Congressional Delegation to take the action necessary to impose a windfall profits tax on gasoline and diesel fuel.

Section 2. The Metropolitan Clerk is directed to send a copy of this Resolution to each member of the Davidson County Delegation to the Tennessee General Assembly and the Davidson County Congressional Delegation.

Section 3. That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Eric Crafton, Jim Shulman, Michael Craddock