I 112th CONGRESS 2d Session H. R. 3807 IN THE HOUSE OF REPRESENTATIVES January 23, 2012 Mr. Murphy of Connecticut introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce and Education and the Workforce, 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 provide for funding of the Low-Income Home Energy Assistance Program (LIHEAP) with a dedicated revenue source consisting of a tax on offshore oil production.

1.

Short title

This Act may be cited as the Guaranteed Energy Assistance Act of 2011.

2.

Tax on offshore oil production dedicated to funding of Low-Income Home Energy Assistance Program

(a)

Tax on offshore oil production

Part III of subchapter A of chapter 32 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subpart: C

Offshore oil production

Sec. 4111. Offshore oil production.

4111.

Offshore oil production

(a)

In general

There is hereby imposed a tax of the applicable amount per barrel of oil extracted pursuant to— (1)any lease of Federal onshore lands under the Mineral Leasing Act (30 U.S.C. 181 et seq.), the Mineral Leasing Act for Acquired Lands (30 U.S.C. 351 et seq.), or any other Federal law, or (2)any lease under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.). (b)

Applicable amount

(1)

In general

For purposes of this section, the applicable amount means, with respect to any barrel of oil extracted during a fiscal year, the lesser of— (A)50 cents, or (B)such amount as the Secretary estimates would result in an aggregate revenue to the Treasury under this section for such fiscal year equal to the excess of— (i)$5,100,000,000, over (ii)the amount appropriated for such fiscal year for providing assistance under the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8621 et seq.). (2)

Determination of applicable amount

(A)

In general

The applicable amount shall be determined under paragraph (1) for a fiscal year only if amounts are provided for assistance under such Act in a general appropriations bill for such fiscal year and such bill is enacted before the beginning of such fiscal year. If such a bill is not so enacted, then the applicable amount shall be— (i)in the case of the first fiscal year beginning after the date of the enactment of this section, 50 cents, and (ii)in the case of any subsequent fiscal year, the amount determined for the preceding fiscal year. (B)

Rounding

Any amount determined under this subsection which is not a multiple of 1 cent shall be rounded to the nearest whole cent. (c)

By whom paid

The tax imposed under subsection (a) with respect to any oil shall be paid by the holder of the lease pursuant to which such oil is extracted.

. (b)

Revenues from tax on offshore oil production dedicated to LIHEAP funding

Subchapter A of chapter 98 of such Code is amended by adding at the end the following new section:

9512.

LIHEAP Trust Fund

(a)

Creation of Trust Fund

There is established in the Treasury of the United States a trust fund to be known as the LIHEAP Trust Fund, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b). (b)

Transfers to Trust Fund

There are hereby appropriated to the LIHEAP Trust Fund amounts equivalent to the taxes received in the Treasury under section 4111. (c)

Expenditures

Amounts in the LIHEAP Trust Fund shall be available, as provided in appropriation Acts, only for the purpose of providing assistance under the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8621 et seq.) in an amount not to exceed $5,100,000,000 for each fiscal year.

. (c)

Clerical amendments

(1)The table of subparts for part III of subchapter A of chapter 32 of such Code is amended by adding at the end the following new item: Subpart C. Offshore oil production. . (2)The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item: Sec. 9512. LIHEAP Trust Fund. . (d)

Effective dates

(1)

Tax on offshore oil production

The amendments made by subsections (a) and (c)(1) shall apply to oil extracted in fiscal years beginning after the date of the enactment of this Act. (2)

LIHEAP Trust Fund

The amendments made by subsections (b) and (c)(2) shall take effect on the date of the enactment of this Act.