[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7099 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7099

  To amend the Internal Revenue Code of 1986 to establish a windfall 
profits excise tax on crude oil and to rebate the tax collected back to 
             individual taxpayers, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2022

   Mr. DeFazio (for himself, Mr. Takano, Ms. Tlaib, Ms. Porter, Mr. 
 Carson, Mr. Cohen, Ms. Kaptur, Mr. Garcia of Illinois, Ms. Titus, Mr. 
Jones, Ms. Ross, Mr. Grijalva, Mr. Welch, Mr. Malinowski, Ms. Jayapal, 
Ms. Underwood, Ms. Pingree, and Ms. Barragan) 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 establish a windfall 
profits excise tax on crude oil and to rebate the tax collected back to 
             individual taxpayers, and for other purposes.

    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 ``Stop Gas Price Gouging Tax and 
Rebate Act''.

SEC. 2. WINDFALL PROFITS TAX.

    (a) In General.--Subtitle E of the Internal Revenue Code of 1986 
(relating to alcohol, tobacco, and certain other excise taxes) is 
amended by adding at the end thereof the following new chapter:

              ``CHAPTER 56--WINDFALL PROFITS ON CRUDE OIL

``Sec. 5896. Imposition of tax.
``Sec. 5897. Windfall profit.
``Sec. 5898. Special rules and definitions.

``SEC. 5896. IMPOSITION OF TAX.

    ``(a) In General.--In addition to any other tax imposed under this 
title, there is hereby imposed on any applicable taxpayer an excise tax 
in an amount equal to 50 percent of the excess of the windfall profit 
(as defined in section 5897(a)) of such taxpayer.
    ``(b) Applicable Taxpayer.--For purposes of this chapter, the term 
`applicable taxpayer' means, with respect to a taxable year, a producer 
of crude oil--
            ``(1) which has an average daily worldwide production of 
        crude oil of at least 300,000 barrels for the taxable year, and
            ``(2) which had gross receipts in excess of $1,000,000,000 
        for its last taxable year ending during calendar year 2005.
For purposes of this subsection, all persons treated as a single 
employer under subsections (a) and (b) of section 52 shall be treated 
as 1 person and, in case of a short taxable year, the rule under 
section 448(c)(3)(B) shall apply.

``SEC. 5897. WINDFALL PROFIT.

    ``(a) General Rule.--For purposes of this chapter, the term 
`windfall profit' means the excess of the adjusted taxable income of 
the applicable taxpayer for taxable year 2022 over the reasonably 
inflated average profit for such taxable year.
    ``(b) Adjusted Taxable Income.--For purposes of this chapter, with 
respect to any applicable taxpayer, the adjusted taxable income for 
taxable year 2022 is equal to the taxable income for such taxable year 
(within the meaning of section 63 and determined without regard to this 
subsection)--
            ``(1) increased by any interest expense deduction, 
        charitable contribution deduction, and any net operating loss 
        deduction carried forward from any prior taxable year, and
            ``(2) reduced by any interest income, dividend income, and 
        net operating losses to the extent such losses exceed taxable 
        income for the taxable year.
In the case of any applicable taxpayer which is a foreign corporation, 
the adjusted taxable income shall be determined with respect to such 
income which is effectively connected with the conduct of a trade or 
business in the United States.
    ``(c) Reasonably Inflated Average Profit.--For purposes of this 
chapter, with respect to any applicable taxpayer, the reasonably 
inflated average profit for any taxable year is an amount equal to the 
average of the adjusted taxable income of such taxpayer for taxable 
years beginning during the 2015-2019 taxable year period (determined 
without regard to the taxable year with the highest adjusted taxable 
income in such period) plus 10 percent of such average.

``SEC. 5898. SPECIAL RULES AND DEFINITIONS.

    ``(a) Withholding and Deposit of Tax.--The Secretary shall provide 
such rules as are necessary for the withholding and deposit of the tax 
imposed under section 5896.
    ``(b) Records and Information.--Each taxpayer liable for tax under 
section 5896 shall keep such records, make such returns, and furnish 
such information as the Secretary may by regulations prescribe.
    ``(c) Return of Windfall Profit Tax.--The Secretary shall provide 
for the filing and the time of such filing of the return of the tax 
imposed under section 5896.
    ``(d) Crude Oil.--The term `crude oil' includes crude oil 
condensates and natural gasoline.
    ``(e) Businesses Under Common Control.--For purposes of this 
chapter, all members of the same controlled group of corporations 
(within the meaning of section 267(f)) and all persons under common 
control (within the meaning of section 52(b) but determined by treating 
an interest of more than 50 percent as a controlling interest) shall be 
treated as 1 person.
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be necessary or appropriate to carry out the purposes of this 
chapter.''.
    (b) Clerical Amendment.--The table of chapters for subtitle E of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new item:

             ``Chapter 56. Windfall Profit on Crude Oil.''.

    (c) Deductibility of Windfall Profit Tax.--The first sentence of 
section 164(a) of the Internal Revenue Code of 1986 (relating to 
deduction for taxes) is amended by inserting after paragraph (5) the 
following new paragraph:
            ``(6) The windfall profit tax imposed by section 5896.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2021.

SEC. 3. ENERGY PRICE REBATES.

    (a) In General.--Subchapter B of chapter 65 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 6433. ENERGY PRICE REBATES.

    ``(a) In General.--In the case of an eligible individual, there 
shall be allowed as a credit against the tax imposed by subtitle A for 
taxable year 2022 an amount equal to the sum of the energy price rebate 
amount for each month beginning in such taxable year.
    ``(b) Energy Price Rebate Amount.--For purposes of this section--
            ``(1) In general.--The term `energy price rebate amount' 
        means, with respect to any taxpayer for any month beginning in 
        taxable year 2022, an amount determined by the Secretary as 
        soon as practicable after the end of such month taking into 
        account the number of eligible individuals and the amount of 
        revenues in the general fund resulting from the tax imposed by 
        section 5896 for such month.
            ``(2) Special rule for joint returns.--In the case of an 
        eligible individual filing a joint return, the energy price 
        rebate amount shall be 150 percent of the amount determined 
        under paragraph (1) with respect to other taxpayers.
            ``(3) Limitation based on adjusted gross income.--The 
        amount of the credit allowed by subsection (a) (determined 
        without regard to this subsection and subsection (e)) shall be 
        reduced (but not below zero) by 5 percent of so much of the 
        eligible individual's adjusted gross income as exceeds--
                    ``(A) $150,000 in the case of a joint return,
                    ``(B) $112,500 in the case of a head of household, 
                and
                    ``(C) $75,000 in any other case.
    ``(c) Eligible Individual.--For purposes of this section, the term 
`eligible individual' means any individual other than--
            ``(1) any nonresident alien individual,
            ``(2) any individual who is a dependent of another taxpayer 
        for a taxable year beginning in the calendar year in which the 
        individual's taxable year begins, and
            ``(3) an estate or trust.
    ``(d) Definitions and Special Rules.--
            ``(1) Dependent defined.--For purposes of this section, the 
        term `dependent' has the meaning given such term by section 
        152.
            ``(2) Identification number requirement.--
                    ``(A) In general.--In the case of a return other 
                than a joint return, the energy price rebate amount in 
                subsection (b)(1) shall be treated as being zero unless 
                the taxpayer includes the valid identification number 
                of the taxpayer on the return of tax for the taxable 
                year.
                    ``(B) Joint returns.--In the case of a joint 
                return, the energy price rebate amount in subsection 
                (b)(1) shall be treated as being--
                            ``(i) 50 percent of the amount otherwise 
                        determined without regard to this paragraph if 
                        the valid identification number of only 1 
                        spouse is included on the return of tax for the 
                        taxable year, and
                            ``(ii) zero if the valid identification 
                        number of neither spouse is so included.
                    ``(C) Valid identification number.--For purposes of 
                this paragraph, the term `valid identification number' 
                means a social security number issued to an individual 
                by the Social Security Administration on or before the 
                due date for filing the return for the taxable year.
                    ``(D) Special rule for members of the armed 
                forces.--Subparagraph (B) shall not apply in the case 
                where at least 1 spouse was a member of the Armed 
                Forces of the United States at any time during the 
                taxable year and the valid identification number of at 
                least 1 spouse is included on the return of tax for the 
                taxable year.
                    ``(E) Coordination with certain advance payments.--
                In the case of any payment determined pursuant to 
                subsection (f)(6), a valid identification number shall 
                be treated for purposes of this paragraph as included 
                on the taxpayer's return of tax if such valid 
                identification number is available to the Secretary as 
                described in such subsection.
                    ``(F) Mathematical or clerical error authority.--
                Any omission of a correct valid identification number 
                required under this paragraph shall be treated as a 
                mathematical or clerical error for purposes of applying 
                section 6213(g)(2) to such omission.
            ``(3) Credit treated as refundable.--The credit allowed by 
        subsection (a) shall be treated as allowed by subpart C of part 
        IV of subchapter A of chapter 1.
    ``(e) Coordination With Advance Refunds of Credit.--
            ``(1) Reduction of refundable credit.--The amount of the 
        credit which would (but for this paragraph) be allowable under 
        subsection (a) for any taxable year shall be reduced (but not 
        below zero) by the aggregate refunds and credits made or 
        allowed to the taxpayer (or, except as otherwise provided by 
        the Secretary, any dependent of the taxpayer) under subsection 
        (f) for such taxable year. Any failure to so reduce the credit 
        shall be treated as arising out of a mathematical or clerical 
        error and assessed according to section 6213(b)(1).
            ``(2) Joint returns.--Except as otherwise provided by the 
        Secretary, in the case of a refund or credit made or allowed 
        under subsection (f) with respect to a joint return, half of 
        such refund or credit shall be treated as having been made or 
        allowed to each individual filing such return.
    ``(f) Advance Refunds and Credits.--
            ``(1) In general.--Subject to paragraphs (5) and (6), for 
        any rebate taxable year, each individual who was an eligible 
        individual for such individual's first taxable year beginning 
        in 2020 shall be treated as having made a payment against the 
        tax imposed by chapter 1 for such applicable taxable year in an 
        amount equal to advance refund amount for such rebate taxable 
        year.
            ``(2) Advance refund amount.--
                    ``(A) In general.--For purposes of paragraph (1), 
                the advance refund amount is the amount that would have 
                been allowed as a credit under this section for such 
                taxable year if this section (other than subsection (e) 
                and this subsection) had applied to such taxable year.
                    ``(B) Treatment of deceased individuals.--For 
                purposes of determining the advanced refund amount with 
                respect to such taxable year--
                            ``(i) any individual who was deceased 
                        before January 1, 2022 shall be treated for 
                        purposes of applying subsection (d)(2) in the 
                        same manner as if the valid identification 
                        number of such person was not included on the 
                        return of tax for the applicable taxable year 
                        (except that subparagraph (D) thereof shall not 
                        apply), and
                            ``(ii) notwithstanding clause (i), in the 
                        case of a joint return with respect to which 
                        only 1 spouse is deceased before January 1, 
                        2022, such deceased spouse was a member of the 
                        Armed Forces of the United States at any time 
                        during the applicable taxable year, and the 
                        valid identification number of such deceased 
                        spouse is included on the return of tax for the 
                        applicable taxable year, the valid 
                        identification number of 1 (and only 1) spouse 
                        shall be treated as included on the return of 
                        tax for the applicable taxable year for 
                        purposes of applying subsection (d)(2)(B) with 
                        respect to such joint return.
            ``(3) Timing and manner of payments.--The Secretary shall, 
        subject to the provisions of this title, refund or credit any 
        overpayment attributable to this section and determined with 
        respect to any month as rapidly as possible, consistent with a 
        rapid effort to make payments attributable to such overpayments 
        electronically if appropriate. No refund or credit shall be 
        made or allowed under this subsection after December 31, 2022.
            ``(4) No interest.--No interest shall be allowed on any 
        overpayment attributable to this subsection.
            ``(5) Application to individuals who have filed a return of 
        tax for 2021.--
                    ``(A) Application to 2021 returns filed at time of 
                initial determination.--If, at the time of any 
                determination made pursuant to paragraph (3), the 
                individual referred to in paragraph (1) has filed a 
                return of tax for the individual's first taxable year 
                beginning in 2021, paragraph (1) shall be applied with 
                respect to such individual by substituting `2021' for 
                `2020'.
                    ``(B) Additional payment.--
                            ``(i) In general.--In the case of any 
                        individual who files, before the additional 
                        payment determination date, a return of tax for 
                        such individual's first taxable year beginning 
                        in 2021, the Secretary shall make a payment (in 
                        addition to any payment made under paragraph 
                        (1)) to such individual equal to the excess (if 
                        any) of--
                                    ``(I) the amount which would be 
                                determined under paragraph (1) (after 
                                the application of subparagraph (A)) by 
                                applying paragraph (1) as of the 
                                additional payment determination date, 
                                over
                                    ``(II) the amount of any payment 
                                made with respect to such individual 
                                under paragraph (1).
                            ``(ii) Additional payment determination 
                        date.--The term `additional payment 
                        determination date' means the earlier of--
                                    ``(I) the date which is 90 days 
                                after the 2021 calendar year filing 
                                deadline, or
                                    ``(II) September 1, 2022.
            ``(6) Application to certain individuals who have not filed 
        a return of tax for 2020 or 2021 at the time of 
        determination.--In the case of any individual who, at the time 
        of any determination made pursuant to paragraph (3), has filed 
        a tax return for neither the year described in paragraph (1) 
        nor for the year described in paragraph (5)(A), the Secretary 
        shall, consistent with rules similar to the rules of section 
        6428A(f)(5)(H)(i), apply paragraph (1) on the basis of 
        information available to the Secretary and shall, on the basis 
        of such information, determine the advance refund amount with 
        respect to such individual without regard to subsection (d) 
        unless the Secretary has reason to know that such amount would 
        otherwise be reduced by reason of such subsection.
            ``(7) Special rule related to time of filing return.--
        Solely for purposes of this subsection, a return of tax shall 
        not be treated as filed until such return has been processed by 
        the Internal Revenue Service.
    ``(g) Regulations.--The Secretary shall prescribe such regulations 
or other guidance as may be necessary or appropriate to carry out the 
purposes of this section, including--
            ``(1) regulations or other guidance providing taxpayers the 
        opportunity to provide the Secretary information sufficient to 
        allow the Secretary to make payments to such taxpayers under 
        subsection (f) (including the determination of the amount of 
        such payment) if such information is not otherwise available to 
        the Secretary, and
            ``(2) regulations or other guidance to ensure to the 
        maximum extent administratively practicable that, in 
        determining the amount of any credit under subsection (a) and 
        any credit or refund under subsection (f), an individual is not 
        taken into account more than once, including by different 
        taxpayers and including by reason of a change in joint return 
        status or dependent status between the taxable year for which 
        an advance refund amount is determined and the taxable year for 
        which a credit under subsection (a) is determined.
    ``(h) Outreach.--The Secretary shall carry out a robust and 
comprehensive outreach program to ensure that all taxpayers described 
in subsection (g)(1) learn of their eligibility for the advance refunds 
and credits under subsection (f); are advised of the opportunity to 
receive such advance refunds and credits as provided under subsection 
(g)(1); and are provided assistance in applying for such advance 
refunds and credits.''.
    (b) Treatment of Certain Possessions.--
            (1) Payments to possessions with mirror code tax systems.--
        The Secretary of the Treasury shall pay to each possession of 
        the United States which has a mirror code tax system amounts 
        equal to the loss (if any) to that possession by reason of the 
        amendments made by this section. Such amounts shall be 
        determined by the Secretary of the Treasury based on 
        information provided by the government of the respective 
        possession.
            (2) Payments to other possessions.--The Secretary of the 
        Treasury shall pay to each possession of the United States 
        which does not have a mirror code tax system amounts estimated 
        by the Secretary of the Treasury as being equal to the 
        aggregate benefits (if any) that would have been provided to 
        residents of such possession by reason of the amendments made 
        by this section if a mirror code tax system had been in effect 
        in such possession. The preceding sentence shall not apply 
        unless the respective possession has a plan, which has been 
        approved by the Secretary of the Treasury, under which such 
        possession will promptly distribute such payments to its 
        residents.
            (3) Inclusion of administrative expenses.--The Secretary of 
        the Treasury shall pay to each possession of the United States 
        to which the Secretary makes a payment under paragraph (1) or 
        (2) an amount equal to the increase (if any) of the 
        administrative expenses of such possession--
                    (A) in the case of a possession described in 
                paragraph (1), by reason of the amendments made by this 
                section, and
                    (B) in the case of a possession described in 
                paragraph (2), by reason of carrying out the plan 
                described in such paragraph, or
        The amount described in subparagraph (A) shall be determined by 
        the Secretary of the Treasury based on information provided by 
        the government of the respective possession.
            (4) Coordination with credit allowed against united states 
        income taxes.--No credit shall be allowed against United States 
        income taxes under section 6433 of the Internal Revenue Code of 
        1986 (as added by this section), nor shall any credit or refund 
        be made or allowed under subsection (f) of such section, to any 
        person--
                    (A) to whom a credit is allowed against taxes 
                imposed by the possession by reason of the amendments 
                made by this section, or
                    (B) who is eligible for a payment under a plan 
                described in paragraph (2).
            (5) Mirror code tax system.--For purposes of this 
        subsection, the term ``mirror code tax system'' means, with 
        respect to any possession of the United States, the income tax 
        system of such possession if the income tax liability of the 
        residents of such possession under such system is determined by 
        reference to the income tax laws of the United States as if 
        such possession were the United States.
            (6) Treatment of payments.--For purposes of section 1324 of 
        title 31, United States Code, the payments under this 
        subsection shall be treated in the same manner as a refund due 
        from a credit provision referred to in subsection (b)(2) of 
        such section.
    (c) Administrative Provisions.--
            (1) Definition of deficiency.--Section 6211(b)(4)(A) of the 
        Internal Revenue Code of 1986 is amended by striking ``6428A, 
        6428B'' and inserting ``6428A, 6428B, 6433,''.
            (2) Exception from reduction or offset.--Any refund payable 
        by reason of section 6433(f) of the Internal Revenue Code of 
        1986 (as added by this section), or any such refund payable by 
        reason of subsection (b) of this section, shall not be--
                    (A) subject to reduction or offset pursuant to 
                subsection (c), (d), (e), or (f) of section 6402 of the 
                Internal Revenue Code of 1986 or any similar authority 
                permitting offset, or
                    (B) reduced or offset by other assessed Federal 
                taxes that would otherwise be subject to levy or 
                collection.
            (3) Assignment of benefits.--
                    (A) In general.--The right of any person to any 
                applicable payment shall not be transferable or 
                assignable, at law or in equity, and no applicable 
                payment shall be subject to, execution, levy, 
                attachment, garnishment, or other legal process, or the 
                operation of any bankruptcy or insolvency law.
                    (B) Encoding of payments.--In the case of an 
                applicable payment described in subparagraph 
                (E)(iii)(I) that is paid electronically by direct 
                deposit through the Automated Clearing House (ACH) 
                network, the Secretary of the Treasury (or the 
                Secretary's delegate) shall--
                            (i) issue the payment using a unique 
                        identifier that is reasonably sufficient to 
                        allow a financial institution to identify the 
                        payment as an applicable payment, and
                            (ii) further encode the payment pursuant to 
                        the same specifications as required for a 
                        benefit payment defined in section 212.3 of 
                        title 31, Code of Federal Regulations.
                    (C) Garnishment.--
                            (i) Encoded payments.--In the case of a 
                        garnishment order that applies to an account 
                        that has received an applicable payment that is 
                        encoded as provided in subparagraph (B), a 
                        financial institution shall follow the 
                        requirements and procedures set forth in part 
                        212 of title 31, Code of Federal Regulations, 
                        except--
                                    (I) notwithstanding section 212.4 
                                of title 31, Code of Federal 
                                Regulations (and except as provided in 
                                subclause (II)), a financial 
                                institution shall not fail to follow 
                                the procedures of sections 212.5 and 
                                212.6 of such title with respect to a 
                                garnishment order merely because such 
                                order has attached, or includes, a 
                                notice of right to garnish federal 
                                benefits issued by a State child 
                                support enforcement agency, and
                                    (II) a financial institution shall 
                                not, with regard to any applicable 
                                payment, be required to provide the 
                                notice referenced in sections 212.6 and 
                                212.7 of title 31, Code of Federal 
                                Regulations.
                            (ii) Other payments.--In the case of a 
                        garnishment order (other than an order that has 
                        been served by the United States) that has been 
                        received by a financial institution and that 
                        applies to an account into which an applicable 
                        payment that has not been encoded as provided 
                        in subparagraph (B) has been deposited 
                        electronically on any date during the lookback 
                        period or into which an applicable payment that 
                        has been deposited by check on any date in the 
                        lookback period, the financial institution, 
                        upon the request of the account holder, shall 
                        treat the amount of the funds in the account at 
                        the time of the request, up to the amount of 
                        the applicable payment (in addition to any 
                        amounts otherwise protected under part 212 of 
                        title 31, Code of Federal Regulations), as 
                        exempt from a garnishment order without 
                        requiring the consent of the party serving the 
                        garnishment order or the judgment creditor.
                            (iii) Liability.--A financial institution 
                        that acts in good faith in reliance on clauses 
                        (i) or (ii) shall not be subject to liability 
                        or regulatory action under any Federal or State 
                        law, regulation, court or other order, or 
                        regulatory interpretation for actions 
                        concerning any applicable payments.
                    (D) No reclamation rights.--This paragraph shall 
                not alter the status of applicable payments as tax 
                refunds or other nonbenefit payments for purpose of any 
                reclamation rights of the Department of the Treasury or 
                the Internal Revenue Service as per part 210 of title 
                31, Code of Federal Regulations.
                    (E) Definitions.--For purposes of this paragraph--
                            (i) Account holder.--The term ``account 
                        holder'' means a natural person whose name 
                        appears in a financial institution's records as 
                        the direct or beneficial owner of an account.
                            (ii) Account review.--The term ``account 
                        review'' means the process of examining 
                        deposits in an account to determine if an 
                        applicable payment has been deposited into the 
                        account during the lookback period. The 
                        financial institution shall perform the account 
                        review following the procedures outlined in 
                        section 212.5 of title 31, Code of Federal 
                        Regulations and in accordance with the 
                        requirements of section 212.6 of title 31, Code 
                        of Federal Regulations.
                            (iii) Applicable payment.--The term 
                        ``applicable payment'' means--
                                    (I) any payment made to an 
                                individual under this section (other 
                                than any payment made pursuant to 
                                paragraph (5)),
                                    (II) any advance payment made by a 
                                possession of the United States with a 
                                mirror code tax system (as defined in 
                                section 24(h)) pursuant to an election 
                                under paragraph (5)(B) which 
                                corresponds to a payment described in 
                                subclause (I), and
                                    (III) any advance payment made by 
                                American Samoa pursuant to a program 
                                for making such payments which is 
                                described in paragraph (5)(C)(ii).
                            (iv) Garnishment.--The term ``garnishment'' 
                        means execution, levy, attachment, garnishment, 
                        or other legal process.
                            (v) Garnishment order.--The term 
                        ``garnishment order'' means a writ, order, 
                        notice, summons, judgment, levy, or similar 
                        written instruction issued by a court, a State 
                        or State agency, a municipality or municipal 
                        corporation, or a State child support 
                        enforcement agency, including a lien arising by 
                        operation of law for overdue child support or 
                        an order to freeze the assets in an account, to 
                        effect a garnishment against a debtor.
                            (vi) Lookback period.--The term ``lookback 
                        period'' means the two-month period that begins 
                        on the date preceding the date of account 
                        review and ends on the corresponding date of 
                        the month two months earlier, or on the last 
                        date of the month two months earlier if the 
                        corresponding date does not exist.
            (4) Conforming amendments.--
                    (A) Paragraph (2) of section 1324(b) of title 31, 
                United States Code, is amended by inserting ``6433,'' 
                after ``6431,''.
                    (B) The table of sections for subchapter B of 
                chapter 65 of the Internal Revenue Code of 1986 is 
                amended by adding at the end the following new item:

``Sec. 6433. Energy price rebates.''.
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