A bill to ensure gasoline affordability and security.

Summary: Gasoline Affordability and Security Act or the GAS Act - States it is unlawful to sell gasoline or diesel fuel at a price which constitutes price gouging (as defined by Federal Trade Commission (FTC)) during the 30-day period beginning on the date on which the President determines the existence of conditions warranting the drawdown and sale of petroleum products from the Strategic Petroleum Reserve.

Requires the FTC to establish a Competitive Pricing Task Force to provide assistance upon request of a state attorney general.

Amends the Energy Policy Act of 2005 to direct the Secretary of Energy to: (1) ensure that specified funds are allocated to coal-based gasification technologies, including a Fischer-Tropsch technology project to produce ultra-low sulfur liquid transportation fuel; (2) establish as an energy policy priority the expedited, large-scale commercialization of such technology; and (3) provide funds for a subsequent Fischer-Tropsch technology project.

Amends the Internal Revenue Code to allow as a credit against the income tax the qualified teleworking expenses paid or incurred by the taxpayer during such year.

Prescribes guidelines for the treatment of employer-provided computer equipment as a fringe benefit.

Expresses the sense of Congress that Congress and the employees of the legislative branch of the federal government should: (1) conserve gasoline, aviation, and diesel fuel by whatever means practicable; and (2) as a part of such conservation efforts, promote teleworking.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gasoline Affordability and Security 
Act'' or the ``GAS Act''.

                      TITLE I--CONSUMER PROTECTION

SEC. 101. PROHIBITION ON GASOLINE PRICE GOUGING.

    (a) Unlawful Conduct.--During the 30-day period beginning on the 
date on which the President determines the existence of conditions 
warranting the drawdown and sale of petroleum products from the 
Strategic Petroleum Reserve under subsection (d) or (h) of section 161 
of the Energy Policy and Conservation Act (42 U.S.C. 6241), it shall be 
an unfair or deceptive act or practice in violation of section 5(a)(1) 
of the Federal Trade Commission Act (15 U.S.C. 45(a)(1)) for any person 
to sell gasoline or diesel fuel at a price which constitutes price 
gouging as defined by rule pursuant to subsection (b).
    (b) Enforcement.--A violation of subsection (a) shall be treated as 
a violation of a rule defining an unfair or deceptive act or practice 
prescribed under section 18(a)(1)(B) of the Federal Trade Commission 
Act (15 U.S.C. 57a(a)(1)(B)) and shall be enforced by the Federal Trade 
Commission in accordance with all applicable terms and provisions of 
the Federal Trade Commission Act.
    (c) Penalties.--Any person who violates subsection (a), or the 
rules promulgated pursuant to this section, shall be subject to a civil 
penalty in an amount not to exceed $11,000 per day in which a violation 
occurs.
    (d) Rulemaking.--Not later than 90 days after the date of enactment 
of this Act, the Federal Trade Commission shall promulgate rules, in 
accordance with section 5(n) of the Federal Trade Commission Act (15 
U.S.C. 45(n)), that--
            (1) define ``price gouging'' for purposes of this section; 
        and
            (2) carry out this section.

SEC. 102. COMPETITIVE PRICING TASK FORCE.

    (a) Establishment.--Not later than 30 days after the date of 
enactment of this Act, the Federal Trade Commission shall establish a 
Competitive Pricing Task Force (referred to in this section as the 
``Task Force''.
    (b) Duties.--The Task Force shall provide each State attorney 
general who requests assistance from the Task Force--
            (1) with assistance in the investigation of alleged price 
        gouging affecting the consumers of the State; and
            (2) such additional technical assistance as may be 
        necessary in studying and drafting State laws to prohibit price 
        gouging.
    (c) Duration.--The Task Force shall carry out the duties described 
in subsection (b) during the 2-year period beginning on the date on 
which the Task Force is established under subsection (a).

SEC. 103. CONSUMER INFORMATION.

    (a) List.--The Federal Trade Commission shall publish a list on its 
Web site containing the names of all persons penalized under section 
101.
    (b) Information About Gasoline Prices.--The Energy Information 
Administration of the Department of Energy shall disseminate to all 
persons selling gasoline or diesel fuel to retail consumers, in a 
manner suitable for posting, information contained in the table on the 
Administration's Web site entitled, ``WHAT WE PAY FOR IN A GALLON OF 
REGULAR GASOLINE'', to inform such consumers of the factors 
contributing to the price of gasoline.

SEC. 104. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this title.

                      TITLE II--INCREASING SUPPLY

SEC. 201. FUEL DIVERSIFICATION.

    Section 402 of the Energy Policy Act of 2005 (42 U.S.C. 15962) is 
amended--
            (1) in subsection (b)(1)(A)--
                    (A) in clause (iv), by striking ``and'' at the end;
                    (B) by redesignating clause (v) as clause (vi); and
                    (C) by inserting after clause (iv) the following:
                            ``(v) a Fischer-Tropsch technology project 
                        to produce ultra-low sulfur liquid 
                        transportation fuel; and''; and
            (2) by adding at the end the following:
    ``(j) Energy Policy Priority.--
            ``(1) Establishment.--Not later than 90 days after the date 
        on which the Secretary provides funds for a Fischer-Tropsch 
        technology project to produce ultra-low sulfur liquid 
        transportation fuel under subsection (b)(1)(A)(v), the 
        Secretary shall establish as an energy policy priority the 
        expedited, large-scale commercialization of that technology to 
        promote the supply of affordable, clean, domestic gasoline and 
        diesel fuel.
            ``(2) Subsequent projects.--
                    ``(A) In general.--In accordance with the energy 
                policy priority established under paragraph (1), the 
                Secretary shall provide funds for a subsequent Fischer-
                Tropsch technology project to produce ultra-low sulfur 
                liquid transportation fuel as soon as practicable after 
                the date on which the priority is established.
                    ``(B) Criteria for selection.--In carrying out 
                subparagraph (A), the Secretary shall select the 
                private sector recipient that is the most capable of 
                designing and constructing a Fischer-Tropsch technology 
                project with an output of not less than 50,000 barrels 
                per day of ultra-low sulfur transportation fuel, as 
                determined by the Secretary.''.

SEC. 202. FUEL TREATMENT.

    Not later than 60 days after the date of enactment of this Act, the 
Administrator of the Environmental Protection Agency shall conduct an 
expedited review of any fuel additive an application for verification 
for which has been filed in accordance with the voluntary diesel 
retrofit program.

                      TITLE III--DECREASING DEMAND

SEC. 301. CREDIT FOR TELEWORKING.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to foreign tax credit, 
etc.) is amended by adding at the end the following new section:

``SEC. 30D. TELEWORKING CREDIT.

    ``(a) Allowance of Credit.--In the case of an eligible taxpayer, 
there shall be allowed as a credit against the tax imposed by this 
chapter for the taxable year an amount equal to the qualified 
teleworking expenses paid or incurred by the taxpayer during such year.
    ``(b) Maximum Credit.--
            ``(1) Per teleworker limitation.--The credit allowed by 
        subsection (a) for a taxable year with respect to qualified 
        teleworking expenses paid or incurred by or on behalf of an 
        individual teleworker shall not exceed--
                    ``(A) in the case of an eligible taxpayer described 
                in subsection (c)(1)(A), $1,000, and
                    ``(B) in the case of an eligible taxpayer described 
                in subsection (c)(1)(B), $2,000.
            ``(2) Reduction for teleworking less than full year.--In 
        the case of an individual who is in a teleworking arrangement 
        for less than a full taxable year, the dollar amount referred 
        to subparagraph (A) or (B) of paragraph (1) shall be reduced by 
        an amount which bears the same ratio to such dollar amount as 
        the number of months in which such individual is not in a 
        teleworking arrangement bears to 12. For purposes of the 
        preceding sentence, an individual shall be treated as being in 
        a teleworking arrangement for a month if the individual is 
        subject to such arrangement for any day of such month.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Eligible taxpayer.--The term `eligible taxpayer' 
        means--
                    ``(A) in the case of an individual, an individual 
                who performs services for an employer under a 
                teleworking arrangement, and
                    ``(B) in the case of an employer, an employer for 
                whom employees perform services under a teleworking 
                arrangement.
            ``(2) Teleworking arrangement.--The term `teleworking 
        arrangement' means an arrangement under which an employee 
        teleworks for an employer not less than 75 days per year.
            ``(3) Qualified teleworking expenses.--The term `qualified 
        teleworking expenses' means expenses paid or incurred under a 
        teleworking arrangement for furnishings and electronic 
        information equipment which are used to enable an individual to 
        telework.
            ``(4) Telework.--The term `telework' means to perform work 
        functions, using electronic information and communication 
        technologies, thereby reducing or eliminating the physical 
        commute to and from the traditional work site.
    ``(d) Limitation Based on Amount of Tax.--
            ``(1) Liability for tax.--The credit allowable under 
        subsection (a) for any taxable year shall not exceed the excess 
        (if any) of--
                    ``(A) the regular tax for the taxable year, reduced 
                by the sum of the credits allowable under subpart A and 
                the preceding sections of this subpart, over
                    ``(B) the tentative minimum tax for the taxable 
                year.
            ``(2) Carryforward of unused credit.--If the amount of the 
        credit allowable under subsection (a) for any taxable year 
        exceeds the limitation under paragraph (1) for the taxable 
        year, the excess shall be carried to the succeeding taxable 
        year and added to the amount allowable as a credit under 
        subsection (a) for such succeeding taxable year.
    ``(e) Special Rules.--
            ``(1) Basis reduction.--The basis of any property for which 
        a credit is allowable under subsection (a) shall be reduced by 
        the amount of such credit (determined without regard to 
        subsection (d)).
            ``(2) Recapture.--The Secretary shall, by regulations, 
        provide for recapturing the benefit of any credit allowable 
        under subsection (a) with respect to any property which ceases 
        to be property eligible for such credit.
            ``(3) Property used outside united states not qualified.--
        No credit shall be allowed under subsection (a) with respect to 
        any property referred to in section 50(b)(1) or with respect to 
        the portion of the cost of any property taken into account 
        under section 179.
            ``(4) Election to not take credit.--No credit shall be 
        allowed under subsection (a) for any expense if the taxpayer 
        elects to not have this section apply with respect to such 
        expense.
            ``(5) Denial of double benefit.--No deduction or credit 
        (other than under this section) shall be allowed under this 
        chapter with respect to any expense which is taken into account 
        in determining the credit under this section.''.
    (b) Conforming Amendments.--
            (1) Subsection (a) of section 1016 of the Internal Revenue 
        Code of 1986 is amended by striking ``and'' at the end of 
        paragraph (36), by striking the period at the end of paragraph 
        (37) and inserting ``, and'', and by adding at the end the 
        following new paragraph:
            ``(38) to the extent provided in section 30D(e)(1), in the 
        case of amounts with respect to which a credit has been allowed 
        under section 30D.''.
            (2) Section 55(c)(3) of such Code is amended by inserting 
        ``30D(d),'' after ``30(b)(3),''.
            (3) Section 6501(m) of such Code is amended by inserting 
        ``30D(e)(4),'' after ``30C(e)(5),''.
    (c) Clerical Amendment.--The table of sections for subpart B of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new item:

``Sec. 30D. Teleworking credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after the date of the enactment of 
this Act, in taxable years ending after such date.

SEC. 302. EMPLOYER-PROVIDED COMPUTER EQUIPMENT TREATED AS FRINGE 
              BENEFIT.

    (a) In General.--Subsection (a) of section 132 of the Internal 
Revenue Code of 1986 is amended by striking ``or'' at the end of 
paragraph (7), by striking the period at the end of paragraph (8) and 
inserting ``, or'', and by adding at the end the following new 
paragraph:
            ``(9) qualified employer-provided computer equipment 
        fringe.''.
    (b) Qualified Employer-Provided Computer Equipment Fringe.--Section 
132 of such Code is amended by redesignating subsection (o) as 
subsection (p) and by inserting after subsection (n) the following new 
subsection:
    ``(o) Qualified Employer-Provided Computer Equipment Fringe.--For 
purposes of this section--
            ``(1) In general.--The term `qualified employer-provided 
        computer equipment fringe' means any computer and related 
        equipment and services provided to an employee by an employer 
        if--
                    ``(A) such computer and related equipment and 
                services are necessary for the employee to perform work 
                for the employer from the employee's home, and
                    ``(B) the employee makes substantial business use 
                of the equipment in the performance of work for the 
                employer.
            ``(2) Substantial use.--For purposes of paragraph (1), the 
        term `substantial business use' includes standby use for 
        periods when work from home may be required by the employer 
        such as during work closures caused by the threat of terrorism, 
        inclement weather, or natural disasters.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.

SEC. 303. SENSE OF CONGRESS.

    It is the sense of Congress that Congress and the employees of the 
legislative branch of the Federal Government should--
            (1) conserve gasoline, aviation, and diesel fuel by 
        whatever means practicable; and
            (2) as a part of such conservation efforts, promote 
        teleworking.