[Congressional Record Volume 151, Number 78 (Tuesday, June 14, 2005)]
[Extensions of Remarks]
[Page E1227]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCING THE WORKING FAMILIES GAS TAX CREDIT ACT

                                 ______
                                 

                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                         Tuesday, June 14, 2005

  Mr. HASTINGS of Florida. Mr. Speaker, I rise today to introduce 
legislation which will go a long way to reducing the burden placed on 
American consumers due to escalating gas costs.
  My bill, the Working Families Gas Tax Credit Act, provides a $250 tax 
credit to individuals who make $25,000 or less, and $500 for joint 
filers who make $50,000 or less, if the cost of a gallon of gasoline 
over a taxable year has increased from the previous year by more than 
twice the rate of inflation.
  The credit will increase annually at an amount equal to the rate of 
inflation. The cost for a gallon of gasoline is based on the U.S. 
Regular All Formulations Retail Gasoline Prices, prepared by the Energy 
Information Administration of the Department of Energy.
  Except for housing costs, low- and middle-income households in the 
United States spend more of their earnings on transportation than 
anything else. This minimal credit would go a long way to helping low- 
and middle-income families cope with escalating gas costs and limited 
resources.
  I ask for my colleagues' support, and I urge the House Leadership to 
bring this bill to the floor swiftly for its consideration.

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