H.R. 2070 · 109th Congress
Gas Price Spike Act of 2005
- Stage
- In committee
- Sponsor
- Dennis Kucinich
- Introduced
- 2005-05-04
- Latest action
- 2006-05-03 · Sponsor introductory remarks on measure.
Summary
Gas Price Spike Act of 2005 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or products of crude oil or natural gas. Defines "windfall profit" as so much of the profit on a sale of crude oil, natural gas, or related products as exceeds a reasonable profit. Establishes the Reasonable Profits Board to determine levels of reasonable profit from the sale of such products.
Allows a tax credit for the purchase of certain fuel-efficient, American-made passenger vehicles.
Authorizes the Secretary of Transportation to make grants to operators of mass transit systems, including bus and commuter rail systems, to reduce passenger fares on such systems.