1.This Act may be cited as the
Oil Price Reduction Act of
2011
.
<enum>I</enum><header>International oil
price fixing</header>
<section id="HCC681EB06C364EE29A515B3F471D5197"><enum>101.</enum><header>Prohibition on
bilateral assistance and arms exports to major oil exporting countries engaged
in price fixing</header>
<subsection id="H3AB5F2E4155F43A094DDBC1416F54198"><enum>(a)</enum><header>Prohibition</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="H27AA7C373EF44E659D36A3F402906E9C"><enum>(b)</enum><header>Waiver</header><text>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.</text>
</subsection></section><section id="HC03E37C9931C4267AB68A64CC2B3936E"><enum>102.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text>
<paragraph id="HC77699F890CB4EFA861F98B14613A5F8"><enum>(1)</enum><header>Oil price
fixing</header><text>The term <term>oil price fixing</term> 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.</text>
</paragraph><paragraph id="H018DAE9B30AE4379837062A1FA0485C5"><enum>(2)</enum><header>OPEC</header><text>The
term <term>OPEC</term> means the Organization of Petroleum Exporting
Countries.</text>
</paragraph><paragraph id="HE021C2D57CA047CCA0CE3871EEB15E8E"><enum>(3)</enum><header>United States
bilateral assistance and arms exports</header><text>The term <term>United
States bilateral assistance and arms exports</term> does not include
humanitarian assistance.</text>
</paragraph></section><enum>II</enum><header>Nonrefundable
credit to offset high 2011 gasoline and diesel fuel prices</header>
<section id="HA1112420CAA24DF19DBB600EB939341A"><enum>201.</enum><header>Credit against
income tax to offset high 2011 gasoline and diesel fuel prices</header>
<subsection id="H9AAD6ABA1D4945B99C9D1F340EFEF3CC"><enum>(a)</enum><header>In
general</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="H8D0E79F021A94E09836CF1B0031E6118" style="OLC">
<section id="H780B96DACC0044A2AB7AF8A3B897969E"><enum>6433.</enum><header>Nonrefundable
credit to offset high 2011 gasoline and diesel fuel prices</header>
<subsection id="H487AE415074446C4A0E12033DB55F2E9"><enum>(a)</enum><header>Allowance of
credit</header><text>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 2011 the amount of $1,000 ($2,000 in the case of a
joint return).</text>
</subsection><subsection id="H427204F320104BFB8ED23929E0336594"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section—</text>
<paragraph id="H774A3374B57B41FAA61135092298B4A9"><enum>(1)</enum><header>Eligible
individual</header>
<subparagraph id="H42AD53C238004C8AA5E656FE3DD9937F"><enum>(A)</enum><header>In
general</header><text>The term <term>eligible individual</term> means any
individual to whom is registered under State law any qualified highway
vehicle.</text>
</subparagraph><subparagraph id="H66E27C7BEA194C278C2D6D85562C5281"><enum>(B)</enum><header>Exceptions</header><text>Such
term shall not include—</text>
<clause id="H888125FFA98E4826A68B05E9E3C38E5F"><enum>(i)</enum><text display-inline="yes-display-inline">any estate or trust,</text>
</clause><clause id="H502330C60FC6415F9479169D396D2F3F"><enum>(ii)</enum><text display-inline="yes-display-inline">any nonresident alien individual,
and</text>
</clause><clause id="HDE30A0CAA57A4EFBBA3345E409927E28"><enum>(iii)</enum><text display-inline="yes-display-inline">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.</text>
</clause></subparagraph></paragraph><paragraph id="H278E39D64E2E4BC5975091EBAD64D55C"><enum>(2)</enum><header>Qualified
highway vehicle</header>
<subparagraph id="H466D805CC31F4C85A9CCB80A6B42EB4E"><enum>(A)</enum><header>In
general</header><text>The term <term>qualified highway vehicle</term> means any
highway vehicle fueled in whole or in part by gasoline or diesel fuel.</text>
</subparagraph><subparagraph id="H5D3E15146BA745D4A0C786C03AAB9937"><enum>(B)</enum><header>Exception for
business vehicles</header><text display-inline="yes-display-inline">Such term
shall not include any vehicle all of the use of which is in any trade or
business.</text>
</subparagraph></paragraph></subsection><subsection id="H08F1D98E625B4D999DE2C6D0F24E2D14"><enum>(c)</enum><header>Credit treated
as nonrefundable personal credit</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB721057BCF024157960391433BCDF826"><enum>(b)</enum><header>Clerical
amendment</header><text>The table of sections for such subchapter B is amended
by adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="H2FF807E5FD014DC4B2667E44938C41A6" style="OLC">
<toc container-level="quoted-block-container" idref="H8D0E79F021A94E09836CF1B0031E6118" lowest-bolded-level="division-lowest-bolded" lowest-level="section" quoted-block="no-quoted-block" regeneration="yes-regeneration">
<toc-entry idref="H780B96DACC0044A2AB7AF8A3B897969E" level="section">Sec. 6433. Nonrefundable credit to offset high 2011 gasoline
and diesel fuel
prices.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection display-inline="no-display-inline" id="HEE1B72B68A2B4093B512798D8CD36F1C"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxable
years ending during 2011.</text>
</subsection></section>