109 HR 3712 IH: Gas Stamps Act of 2005 U.S. House of Representatives 2005-09-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 3712 IN THE HOUSE OF REPRESENTATIVES September 8, 2005 Mr. McDermott introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To establish a program for gas stamps and to impose a windfall profits tax on crude oil, natural gas, and products thereof.

1.

Short title

This Act may be cited as the Gas Stamps Act of 2005.

2.

Gas stamps

The Secretary of Energy shall establish a program for the equitable allocation among the States of gas stamps for distribution to individuals eligible to receive food stamps who can demonstrate a need for gasoline. The Secretary, in coordination with the Secretary of Agriculture, shall, to the extent practicable, provide for the distribution of gas stamps under this section in conjunction with the distribution of food stamps. The program established under this section shall provide for the national distribution of not to exceed $330,000,000 in each of the first 3 months after the date of enactment of this Act.

3.

Windfall profits tax on crude oil, natural gas, and products thereof

(a)

In general

Subtitle E of the Internal Revenue Code of 1986 (relating to alcohol, tobacco, and certain other excise taxes) is amended by adding at the end the following new chapter: 56

Windfall profit on crude oil, natural gas, and products thereof

Sec. 5896. Imposition of tax

5896.

Imposition of tax

(a)

In general

In addition to any other tax imposed under this title, there is hereby imposed an excise tax on the sale in the United States of any crude oil, natural gas, or other taxable product a tax equal to the windfall profit on such sale. (b)

Definitions

For purposes of this section— (1)

Windfall profit

The term windfall profit means, with respect to any sale, so much of the profit on such sale as exceeds a 15 percent pretax rate of return. (2)

Taxable product

The term taxable product means any fuel which is a product of crude oil or natural gas. (c)

Liability for payment of tax

The taxes imposed by subsection (a) shall be paid by the seller. (d)

Termination

No tax shall be imposed under this section with respect to any sales after the date on which the Secretary certifies that $990,000,000 has been received under this section.

. (b)

Clerical amendment

The table of chapters for subtitle E of such Code is amended by adding at the end the following new item: Chapter 56. Windfall profit on crude oil and refined petroleum products.. (c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.