People Over Petroleum Act
This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies and establishes a gas prices rebate for individual taxpayers.
Among other elements, the bill
The bill also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate amount as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1743 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 1743
To amend the Internal Revenue Code of 1986 to repeal fossil fuel
subsidies for oil companies, to establish gas price rebates to
individuals for 2022, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 23, 2023
Mr. Casten (for himself, Mr. Blumenauer, Mr. Levin, and Mrs. McClellan)
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 repeal fossil fuel
subsidies for oil companies, to establish gas price rebates to
individuals for 2022, 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 ``People Over Petroleum Act''.
SEC. 2. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.
(a) In General.--Section 167(h) of the Internal Revenue Code of
1986 is amended--
(1) by striking ``24-month period'' in paragraph (1) and
inserting ``7-year period'', and
(2) by striking paragraph (5).
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2022.
SEC. 3. PRODUCING OIL AND GAS FROM MARGINAL WELLS.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by striking section 45I
(and by striking the item relating to such section in the table of
sections for such subpart).
(b) Conforming Amendment.--Section 38(b) of such Code is amended by
striking paragraph (19).
(c) Effective Date.--The amendment made by subsection (a) shall
apply to credits determined for taxable years beginning after December
31, 2022.
SEC. 4. ENHANCED OIL RECOVERY CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by striking section 43
(and by striking the item relating to such section in the table of
sections for such subpart).
(b) Conforming Amendment.--Section 38(b) of such Code is amended by
striking paragraph (6).
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred in taxable years beginning after
December 31, 2022.
SEC. 5. INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL
AND GAS WELLS.
(a) In General.--Section 263(c) of the Internal Revenue Code of
1986 is amended by adding at the end the following new sentence: ``This
subsection shall not apply to amounts paid or incurred by a taxpayer
with respect to an oil or gas well after December 31, 2022.''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2022.
SEC. 6. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND GAS WELLS.
(a) In General.--Part I of subchapter I of chapter 1 of the
Internal Revenue Code of 1986 is amended by striking section 613A (and
the table of sections of such part is amended by striking the item
relating to such section).
(b) Conforming Amendments.--
(1) Section 45H(d) of such Code is amended--
(A) by striking ``For purposes of this section''
and inserting the following:
``(1) In general.--For purposes of this section'',
(B) by striking ``(within the meaning of section
613A(d)(3))'', and
(C) by adding at the end the following new
paragraph:
``(2) Related person.--For purposes of this subsection, a
person is a related person with respect to the taxpayer if a
significant ownership interest in either the taxpayer or such
person is held by the other, or if a third person has a
significant ownership interest in both the taxpayer and such
person. For purposes of the preceding sentence, the term
`significant ownership interest' means--
``(A) with respect to any corporation, 5 percent or
more in value of the outstanding stock of such
corporation,
``(B) with respect to a partnership, 5 percent or
more interest in the profits or capital of such
partnership, and
``(C) with respect to an estate or trust, 5 percent
or more of the beneficial interests in such estate or
trust.
For purposes of determining a significant ownership interest,
an interest owned by or for a corporation, partnership, trust,
or estate shall be considered as owned directly both by itself
and proportionately by its shareholders, partners, or
beneficiaries, as the case may be.''.
(2) Section 57(a)(1) of such Code is amended by striking
the last sentence.
(3) Section 291(b)(4) of such Code is amended by adding at
the end the following: ``Any reference in the preceding
sentence to section 613A shall be treated as a reference to
such section as in effect prior to the date of the enactment of
the People Over Petroleum Act.''.
(4) Section 613(d) of such Code is amended by striking
``Except as provided in section 613A, in the case of'' and
inserting ``In the case of''.
(5) Section 613(e) of such Code is amended--
(A) by striking ``or section 613A'' in paragraph
(2), and
(B) by striking ``any amount described in section
613A(d)(5)'' in paragraph (3) and inserting ``any lease
bonus, advance royalty, or other amount payable without
regard to production from property''.
(6) Section 705(a) of such Code is amended--
(A) by inserting ``and'' at the end of paragraph
(1)(C),
(B) by striking ``; and'' at the end of paragraph
(2)(B) and inserting a period, and
(C) by striking paragraph (3).
(7) Section 993(c)(2)(C) of such Code is amended by
striking ``section 613 or 613A'' and inserting ``section 613
(determined without regard to subsection (d) thereof)''.
(8) Section 1202(e)(3)(D) of such Code is amended by
striking ``section 613 or 613A'' and inserting ``section 613
(determined without regard to subsection (d) thereof)''.
(9) Section 1367(a)(2) of such Code is amended by inserting
``and'' at the end of subparagraph (C), by striking ``, and''
at the end of subparagraph (D) and inserting a period, and by
striking subparagraph (E).
(10) Section 1446(c) of such Code is amended by striking
paragraph (2) and by redesignating paragraph (3) as paragraph
(2).
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2022.
SEC. 7. REPEAL OF DEDUCTION FOR TERTIARY INJECTANTS.
(a) In General.--Part VI of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 is amended by striking section 193 (and
the table of sections of such subpart is amended by striking the item
relating to such section).
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2022.
SEC. 8. REPEAL OF EXCEPTION TO PASSIVE LOSS LIMITATIONS FOR WORKING
INTERESTS IN OIL AND GAS PROPERTIES.
(a) In General.--Section 469(c)(3) of the Internal Revenue Code of
1986 is amended by adding at the end the following new subparagraph:
``(C) Termination.--Subparagraph (A) shall not
apply with respect to any taxable year beginning after
the date of the enactment of this Act.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2022.
SEC. 9. DEDUCTION FOR QUALIFIED BUSINESS INCOME NOT ALLOWED WITH
RESPECT TO OIL AND GAS ACTIVITIES.
(a) In General.--Section 199A(c)(3)(B) of the Internal Revenue Code
of 1986 is amended by redesignating clause (vii) as clause (viii), and
by inserting after clause (vi) the following new clause:
``(vii) The production, refining,
processing, transportation, or distribution of
oil, gas, or any primary product thereof.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2022.
SEC. 10. PROHIBITION ON USING LAST-IN, FIRST-OUT ACCOUNTING FOR OIL AND
GAS COMPANIES.
(a) In General.--Section 472 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(h) Oil and Gas Companies.--
``(1) In general.--Notwithstanding any other provision of
this section, a major integrated oil company may not use the
method provided in subsection (b) in inventorying of any goods.
``(2) Major integrated oil company.--For purposes of this
subsection, the term `major integrated oil company' means, with
respect to any taxable year, a producer of crude oil--
``(A) which has an average daily worldwide
production of crude oil of at least 500,000 barrels for
the taxable year,
``(B) which has gross receipts in excess of
$1,000,000,000 for the taxable year, and
``(C) the average daily refinery runs of the
taxpayer and related persons for the taxable year
exceed 75,000 barrels.
``(3) Special rules.--
``(A) Crude production and gross receipts.--For
purposes of subparagraphs (A) and (B) of paragraph
(2)--
``(i) Controlled groups and common
control.--All persons treated as a single
employer under subsections (a) and (b) of
section 52 shall be treated as 1 person.
``(ii) Short taxable years.--In case of a
short taxable year, the rule under section
448(c)(3)(B) shall apply.
``(B) Average daily refinery runs.--For purposes of
paragraph (2)(C)--
``(i) In general.--The average daily
refinery runs for any taxable year shall be
determined by dividing the aggregate refinery
runs for the taxable year by the number of days
in the taxable year.
``(ii) Related persons.--A person is a
related person with respect to the taxpayer if
a significant ownership interest in either the
taxpayer or such person is held by the other,
or if a third person has a significant
ownership interest in both the taxpayer and
such person.
``(iii) Significant ownership interest.--
For purposes of clause (ii), the term
`significant ownership interest' means--
``(I) with respect to any
corporation, 15 percent or more in
value of the outstanding stock of such
corporation,
``(II) with respect to a
partnership, 15 percent or more
interest in the profits or capital of
such partnership, and
``(III) with respect to an estate
or trust, 15 percent or more of the
beneficial interests in such estate or
trust.
For purposes of determining a significant
ownership interest, an interest owned by or for
a corporation, partnership, trust, or estate
shall be considered as owned directly both by
itself and proportionately by its shareholders,
partners, or beneficiaries, as the case may
be.''.
(b) Effective Date and Special Rule.--
(1) In general.--The amendment made by subsection (a) shall
apply to taxable years beginning after December 31, 2022.
(2) Change in method of accounting.--In the case of any
taxpayer required by the amendment made by this section to
change its method of accounting for its first taxable year
beginning after the date of the enactment of this Act--
(A) such change shall be treated as initiated by
the taxpayer,
(B) such change shall be treated as made with the
consent of the Secretary of the Treasury, and
(C) the net amount of the adjustments required to
be taken into account by the taxpayer under section 481
of the Internal Revenue Code of 1986 shall be taken
into account ratably over a period (not greater than 8
taxable years) beginning with such first taxable year.
SEC. 11. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO DUAL
CAPACITY TAXPAYERS.
(a) In General.--Section 901 of the Internal Revenue Code of 1986
is amended by redesignating subsection (n) as subsection (o) and by
inserting after subsection (m) the following new subsection:
``(n) Special Rules Relating to Dual Capacity Taxpayers.--
``(1) General rule.--Notwithstanding any other provision of
this chapter, any amount paid or accrued by a dual capacity
taxpayer to a foreign country or possession of the United
States for any period with respect to combined foreign oil and
gas income (as defined in section 907(b)(1)) shall not be
considered a tax to the extent such amount exceeds the amount
(determined in accordance with regulations) which would have
been required to be paid if the taxpayer were not a dual
capacity taxpayer.
``(2) Dual capacity taxpayer.--For purposes of this
subsection, the term `dual capacity taxpayer' means, with
respect to any foreign country or possession of the United
States, a person who--
``(A) is subject to a levy of such country or
possession, and
``(B) receives (or will receive) directly or
indirectly a specific economic benefit (as determined
in accordance with regulations) from such country or
possession.''.
(b) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to taxes paid or accrued in taxable years beginning after
December 31, 2022.
(2) Contrary treaty obligations upheld.--The amendments
made by this section shall not apply to the extent contrary to
any treaty obligation of the United States.
SEC. 12. CLARIFICATION OF TAR SANDS AS CRUDE OIL FOR EXCISE TAX
PURPOSES.
(a) In General.--Section 4612(a)(1) of the Internal Revenue Code of
1986 is amended to read as follows:
``(1) Crude oil.--The term `crude oil' includes crude oil
condensates, natural gasoline, any bitumen or bituminous
mixture, any oil derived from a bitumen or bituminous mixture
(including oil derived from tar sands), and any oil derived
from kerogen-bearing sources (including oil derived from oil
shale).''.
(b) Regulatory Authority To Address Other Types of Crude Oil and
Petroleum Products.--Section 4612(a) of such Code is amended by adding
at the end the following new paragraph:
``(10) Regulatory authority to address other types of crude
oil and petroleum products.--Under such regulations as the
Secretary may prescribe, the Secretary may include as crude oil
or as a petroleum product subject to tax under section 4611,
any fuel feedstock or finished fuel product customarily
transported by pipeline, vessel, railcar, or tanker truck if
the Secretary determines that--
``(A) the classification of such fuel feedstock or
finished fuel product is consistent with the definition
of oil under the Oil Pollution Act of 1990, and
``(B) such fuel feedstock or finished fuel product
is produced in sufficient commercial quantities as to
pose a significant risk of hazard in the event of a
discharge.''.
(c) Technical Amendment.--Section 4612(a)(2) of such Code is
amended by striking ``from a well located''.
(d) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 13. 2022 GAS PRICES REBATE.
(a) In General.--Subchapter B of chapter 65 of the Internal Revenue
Code of 1986 is amended by inserting after section 6428B the following
new section:
``SEC. 6428C. 2022 GAS PRICES REBATE.
``(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
the first taxable year beginning in 2022 an amount equal to the 2022
gas prices rebate amount determined for such taxable year.
``(b) 2022 Gas Prices Rebate Amount.--For purposes of this section,
the term `2022 gas prices rebate amount' means, with respect to any
taxpayer for any taxable year, the sum of--
``(1) $500 ($1,000 in the case of a joint return), plus
``(2) $500 multiplied by the number of dependents of the
taxpayer for such taxable year who had attained the age of 16
as of the close of such taxable year.
``(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 $500 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 $1,000 amount in subsection (b)(1) shall be
treated as being--
``(i) $500 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) Dependents.--A dependent shall not be taken
into account under subsection (b)(2) unless the valid
identification number of such dependent is included on
the return of tax for the taxable year.
``(D) Valid identification number.--
``(i) In general.--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.
``(ii) Adoption taxpayer identification
number.--For purposes of subparagraph (C), in
the case of a dependent who is adopted or
placed for adoption, the term `valid
identification number' shall include the
adoption taxpayer identification number of such
dependent.
``(E) 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.
``(F) 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.
``(G) 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) 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). 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), 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
taxable year in an amount equal to the advance refund amount
for such 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 advance 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 (e)(2) in the
same manner as if the valid identification
number of such person was not included on the
return of tax for such taxable year (except
that subparagraph (E) thereof shall not apply),
``(ii) notwithstanding clause (i), in the
case of a joint return with respect to which
only 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 taxable year, and the valid identification
number of such deceased spouse is included on
the return of tax for the taxable year, the
valid identification number of 1 (and only 1)
spouse shall be treated as included on the
return of tax for the taxable year for purposes
of applying subsection (e)(2)(B) with respect
to such joint return, and
``(iii) no amount shall be determined under
subsection (d)(2) with respect to any dependent
of the taxpayer if the taxpayer (both spouses
in the case of a joint return) was deceased
before January 1, 2022.
``(3) Timing and manner of payments.--The Secretary shall,
subject to the provisions of this title and consistent with
rules similar to the rules of subparagraphs (B) and (C) of
section 6428A(f)(3), refund or credit any overpayment
attributable to this subsection 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.
``(iii) 2021 calendar year filing
deadline.--The term `2021 calendar year filing
deadline' means the date specified in section
6072(a) with respect to returns for calendar
year 2021. Such date shall be determined after
taking into account any period disregarded
under section 7508A if such disregard applies
to substantially all returns for calendar year
2021 to which section 6072(a) applies.
``(6) Application to certain individuals who have not filed
a return of tax for 2020 or 2021 at 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.
``(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.
``(8) Restriction on use of certain previously issued
prepaid debit cards.--Payments made by the Secretary to
individuals under this section shall not be in the form of an
increase in the balance of any previously issued prepaid debit
card if, as of the time of the issuance of such card, such card
was issued solely for purposes of making payments under section
6428, 6428A, or 6428B.
``(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 lesser of--
(A) the increase (if any) of the administrative
expenses of such possession--
(i) in the case of a possession described
in paragraph (1), by reason of the amendments
made by this section, and
(ii) in the case of a possession described
in paragraph (2), by reason of carrying out the
plan described in such paragraph, or
(B) $500,000 ($10,000,000 in the case of Puerto
Rico).
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 6428C 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 inserting
``6428C,'' after ``6428B,''.
(2) Exception from reduction or offset.--Any refund payable
by reason of section 6428C(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) Conforming amendments.--
(A) Section 1324(b)(2) of title 31, United States
Code, is amended by inserting ``6428C,'' after
``6428B,''.
(B) The table of sections for subchapter B of
chapter 65 of the Internal Revenue Code of 1986 is
amended by inserting after the item relating to section
6428A the following new item:
``Sec. 6428C. 2022 gas prices rebate.''.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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