Gas Stamps Act of 2005

Gas Stamps Act of 2005 - Directs the Secretary of Energy to: (1) establish a program for the equitable allocation among the states of gas stamps for distribution to individuals eligible to receive food stamps who can demonstrate a need for gasoline; and (2) provide for the distribution of gas stamps in conjunction with the distribution of food stamps, in coordination with the Secretary of Agriculture.

Sets a $330 million limit for such national distribution in each of the first three months after enactment of this Act.

Amends the Internal Revenue Code to impose an excise tax upon the sale in the United States of any crude oil, natural gas, and any fuel which is a product of crude oil or natural gas, equal to the windfall profit on such sale.

Defines "windfall profit" as so much of the profit on such sale as exceeds a 15 percent pretax rate of return.

Imposes liability for the windfall profits tax upon the seller.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3712 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 3712

To establish a program for gas stamps and to impose a windfall profits 
          tax on crude oil, natural gas, and products thereof.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 8, 2005

Mr. McDermott introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committee on Energy 
    and Commerce, 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 establish a program for gas stamps and to impose a windfall profits 
          tax on crude oil, natural gas, and products thereof.

    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 ``Gas Stamps Act of 2005''.

SEC. 2. GAS STAMPS.

    The Secretary of Energy shall establish a program for the equitable 
allocation among the States of gas stamps for distribution to 
individuals eligible to receive food stamps who can demonstrate a need 
for gasoline. The Secretary, in coordination with the Secretary of 
Agriculture, shall, to the extent practicable, provide for the 
distribution of gas stamps under this section in conjunction with the 
distribution of food stamps. The program established under this section 
shall provide for the national distribution of not to exceed 
$330,000,000 in each of the first 3 months after the date of enactment 
of this Act.

SEC. 3. WINDFALL PROFITS TAX ON CRUDE OIL, NATURAL GAS, AND PRODUCTS 
              THEREOF.

    (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 the following new chapter:

 ``CHAPTER 56--WINDFALL PROFIT ON CRUDE OIL, NATURAL GAS, AND PRODUCTS 
                                THEREOF

``Sec. 5896. Imposition of tax.

``SEC. 5896. IMPOSITION OF TAX.

    ``(a) In General.--In addition to any other tax imposed under this 
title, there is hereby imposed an excise tax on the sale in the United 
States of any crude oil, natural gas, or other taxable product a tax 
equal to the windfall profit on such sale.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Windfall profit.--The term `windfall profit' means, 
        with respect to any sale, so much of the profit on such sale as 
        exceeds a 15 percent pretax rate of return.
            ``(2) Taxable product.--The term `taxable product' means 
        any fuel which is a product of crude oil or natural gas.
    ``(c) Liability for Payment of Tax.--The taxes imposed by 
subsection (a) shall be paid by the seller.
    ``(d) Termination.--No tax shall be imposed under this section with 
respect to any sales after the date on which the Secretary certifies 
that $990,000,000 has been received under this section.''.
    (b) Clerical Amendment.--The table of chapters for subtitle E of 
such Code is amended by adding at the end the following new item:

   ``Chapter 56. Windfall profit on crude oil and refined petroleum 
                              products''.

    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>