[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2448 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2448

To amend the Internal Revenue Code of 1986 to reduce the Federal excise 
    tax on highway motor fuels when the weekly United States retail 
    gasoline price, regular grade, is greater than $3.00 per gallon.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 23, 2007

    Mr. Kuhl of New York (for himself and Mr. Sali) 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 reduce the Federal excise 
    tax on highway motor fuels when the weekly United States retail 
    gasoline price, regular grade, is greater than $3.00 per gallon.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Gas Price Relief Act of 
2007''.

SEC. 2. REDUCTION OF FUEL TAXES ON HIGHWAY MOTOR FUELS WHEN WEEKLY 
              UNITED STATES RETAIL GASOLINE PRICES EXCEED BENCHMARK.

    (a) In General.--Section 4081 of the Internal Revenue Code of 1986 
(relating to imposition of tax on motor and aviation fuels) is amended 
by adding at the end the following new subsection:
    ``(f) Reduction of Highway Motor Fuel Taxes When Retail Gasoline 
Exceeds Benchmark.--
            ``(1) In general.--During any reduction period, the rate of 
        tax imposed by section 4041 or 4081 on highway motor fuel shall 
        be reduced by 10 cents per gallon.
            ``(2) Definitions and special rule.--For purposes of this 
        subsection--
                    ``(A) Reduction period.--The term `reduction 
                period' means the period--
                            ``(i) beginning on the date on which the 
                        weekly United States retail gasoline price, 
                        regular grade (as published by the Energy 
                        Information Administration, Department of 
                        Energy), is greater than $3.00 per gallon, and
                            ``(ii) ending on the date on which such 
                        price (as so published) is less than $2.50 per 
                        gallon.
                    ``(B) Highway motor fuel.--The term `highway motor 
                fuel' means any fuel subject to tax under section 4041 
                or 4081 other than aviation gasoline and aviation-grade 
                kerosene.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. FLOOR STOCK REFUNDS.

    (a) In General.--If--
            (1) before the tax rate reduction date, tax has been 
        imposed under section 4081 of the Internal Revenue Code of 1986 
        on any highway motor fuel, and
            (2) on such date such fuel is held by a dealer and has not 
        been used and is intended for sale,
there shall be credited or refunded (without interest) to the person 
who paid such tax (hereafter in this section referred to as the 
``taxpayer'') an amount equal to the excess of the tax paid by the 
taxpayer over the tax which would be imposed on such fuel had the 
taxable event occurred on such date.
    (b) Time for Filing Claims.--No credit or refund shall be allowed 
or made under this section unless--
            (1) claim therefor is filed with the Secretary of the 
        Treasury before the date which is 6 months after the tax rate 
        reduction date based on a request submitted to the taxpayer 
        before the date which is 3 months after the tax rate reduction 
        date by the dealer who held the highway motor fuel on such 
        date, and
            (2) the taxpayer has repaid or agreed to repay the amount 
        so claimed to such dealer or has obtained the written consent 
        of such dealer to the allowance of the credit or the making of 
        the refund.
    (c) Exception for Fuel Held in Retail Stocks.--No credit or refund 
shall be allowed under this section with respect to any highway motor 
fuel in retail stocks held at the place where intended to be sold at 
retail.
    (d) Definitions.--For purposes of this section--
            (1) Tax rate reduction date.--The term ``tax rate reduction 
        date'' means the first day of any reduction period in effect 
        under section 4081(f) of the Internal Revenue Code of 1986 (as 
        added by section 2 of this Act).
            (2) Other terms.--The terms ``dealer'' and ``held by a 
        dealer'' have the respective meanings given to such terms by 
        section 6412 of such Code.
    (e) Certain Rules To Apply.--Rules similar to the rules of 
subsections (b) and (c) of section 6412 of such Code shall apply for 
purposes of this section.
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