109 HR 3828 IH: Gasoline Price Relief Act of 2005 U.S. House of Representatives 2005-09-20 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. 3828 IN THE HOUSE OF REPRESENTATIVES September 20, 2005 Mr. Chabot introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax of at least $500 to offset the cost of high 2005 gasoline and diesel fuel prices.

1.

Short title

This Act may be cited as the Gasoline Price Relief Act of 2005.

2.

Credit against income tax to offset cost of high 2005 gasoline and diesel fuel prices

(a)

In general

Subchapter B of chapter 65 of the Internal Revenue Code of 1986 (relating to abatements, credits, and refunds) is amended by adding at the end the following new section:

6431.

Nonrefundable credit to offset cost of high 2005 gasoline and diesel fuel prices

(a)

Allowance of credit

In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by chapter 1 for the taxpayer’s last taxable year ending in 2005 the amount of $500 ($1,000 in the case of a joint return). (b)

Definitions

For purposes of this section— (1)

Eligible individual

(A)

In general

The term eligible individual means any individual to whom is registered under State law any qualified highway vehicle. (B)

Exceptions

Such term shall not include— (i)any estate or trust, (ii)any nonresident alien individual, and (iii)any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins. (2)

Qualified highway vehicle

(A)

In general

The term qualified highway vehicle means any highway vehicle fueled in whole or in part by gasoline or diesel fuel. (B)

Exception for business vehicles

Such term shall not include any vehicle all of the use of which is in any trade or business. (c)

Credit treated as nonrefundable personal credit

For purposes of this title, the credit allowed under this section shall be treated as a credit allowable under subpart A of part IV of subchapter A of chapter 1.

. (b)

Clerical amendment

The table of sections for such subchapter B is amended by adding at the end the following new item: Sec. 6431. Nonrefundable credit to offset cost of high 2005 gasoline and diesel fuel prices. (c)

Effective date

The amendments made by this section shall apply to taxable years ending during 2005.