[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6436 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6436

  To combat international oil price fixing and to amend the Internal 
 Revenue Code of 1986 to allow individuals a credit against income tax 
of at least $1,000 to offset high 2008 gasoline and diesel fuel prices.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 8, 2008

  Mr. Chabot introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committee on 
  Foreign Affairs, 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 combat international oil price fixing and to amend the Internal 
 Revenue Code of 1986 to allow individuals a credit against income tax 
of at least $1,000 to offset high 2008 gasoline and diesel fuel prices.

    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 ``Oil Price Reduction Act of 2008''.

                TITLE I--INTERNATIONAL OIL PRICE FIXING

SEC. 101. PROHIBITION ON BILATERAL ASSISTANCE AND ARMS EXPORTS TO MAJOR 
              OIL EXPORTING COUNTRIES ENGAGED IN PRICE FIXING.

    (a) Prohibition.--United States bilateral assistance and arms 
exports may not be provided to any country that is a major net oil 
exporter, including any country that is a member of OPEC, if the 
country is engaged in oil price fixing to the detriment of the United 
States economy.
    (b) Waiver.--The President may waive the application of subsection 
(a) with respect to a major oil exporting country if the President 
determines and certifies to Congress that it is in the national 
security interests of the United States to do so.

SEC. 102. DEFINITIONS.

    In this title:
            (1) Oil price fixing.--The term ``oil price fixing'' means 
        participation in any agreement, arrangement, or understanding 
        with other countries that are oil exporters to increase the 
        price of oil or natural gas by means of, inter alia, limiting 
        oil or gas production or establishing minimum prices for oil or 
        gas.
            (2) OPEC.--The term ``OPEC'' means the Organization of 
        Petroleum Exporting Countries.
            (3) United states bilateral assistance and arms exports.--
        The term ``United States bilateral assistance and arms 
        exports'' does not include humanitarian assistance.

TITLE II--NONREFUNDABLE CREDIT TO OFFSET HIGH 2008 GASOLINE AND DIESEL 
                              FUEL PRICES

SEC. 201. CREDIT AGAINST INCOME TAX TO OFFSET HIGH 2008 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:

``SEC. 6431. NONREFUNDABLE CREDIT TO OFFSET HIGH 2008 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 2008 the amount of 
$1,000 ($2,000 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 high 2008 gasoline and 
                            diesel fuel prices.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending during 2008.
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