HR 1347 IH

112th CONGRESS

1st Session

H. R. 1347

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 2011 gasoline and diesel fuel prices.

IN THE HOUSE OF REPRESENTATIVES

April 4, 2011

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 2011 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 2011’.

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 2011 GASOLINE AND DIESEL FUEL PRICES

SEC. 201. CREDIT AGAINST INCOME TAX TO OFFSET HIGH 2011 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. 6433. NONREFUNDABLE CREDIT TO OFFSET HIGH 2011 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 2011 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. 6433. Nonrefundable credit to offset high 2011 gasoline and diesel fuel prices.’.

(c) Effective Date- The amendments made by this section shall apply to taxable years ending during 2011.