A bill to provide an immediate Federal income tax rebate to help taxpayers with higher fuel costs, to express the sense of the Senate regarding full funding of LIHEAP, and to provide consumer protections against fuel price gouging, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Energy Tax Rebate Act of 2005''.

                       TITLE I--ENERGY TAX REBATE

SEC. 101. ENERGY TAX REBATE.

    (a) In General.--Subchapter B of chapter 65 of the Internal Revenue 
Code of 1986 (relating to rules of special application in the case of 
abatements, credits, and refunds) is amended by adding at the end the 
following new section:

``SEC. 6430. ENERGY TAX REBATE.

    ``(a) General Rule.--Except as otherwise provided in this section, 
each individual shall be treated as having made a payment against the 
tax imposed by chapter 1 for the taxable year beginning in 2005 in an 
amount equal to the lesser of--
            ``(1) the amount of the taxpayer's liability for tax for 
        such taxpayer's preceding taxable year, or
            ``(2) $500.
    ``(b) Liability for Tax.--For purposes of this section, the 
liability for tax for any taxable year shall be the excess (if any) 
of--
            ``(1) the sum of--
                    ``(A) the taxpayer's regular tax liability (within 
                the meaning of section 26(b)) for the taxable year,
                    ``(B) the tax imposed by section 55(a) with respect 
                to such taxpayer for the taxable year, and
                    ``(C) the taxpayer's social security taxes (within 
                the meaning of section 24(d)(2)) for the taxable year, 
                over
            ``(2) the sum of the credits allowable under part IV of 
        subchapter A of chapter 1 (other than the credits allowable 
        under subpart C thereof, relating to refundable credits) for 
        the taxable year.
    ``(c) Taxable Income Limitation.--
            ``(1) In general.--If the taxable income of the taxpayer 
        for the preceding taxable year exceeds the maximum taxable 
        income in the table under subsection (a), (b), (c), or (d) of 
        section 1, whichever is applicable, to which the 25 percent 
        rate applies, the dollar amount otherwise determined under 
        subsection (a) for such taxpayer shall be reduced (but not 
        below zero) by the amount of the excess.
            ``(2) Change in return status.--In the case of married 
        individuals filing a joint return for the taxable year who did 
        not file such a joint return for the preceding taxable year, 
        paragraph (1) shall be applied by reference to the taxable 
        income of both such individuals for the preceding taxable year.
    ``(d) Date Payment Deemed Made.--
            ``(1) In general.--The payment provided by this section 
        shall be deemed made on the date of the enactment of the Energy 
        Tax Rebate Act of 2005.
            ``(2) Remittance of payment.--The Secretary shall remit to 
        each taxpayer the payment described in paragraph (1) not later 
        than the date which is 30 days after the date specified in 
        paragraph (1).
    ``(e) Certain Persons Not Eligible.--This section shall not apply 
to--
            ``(1) 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 such individual's 
        taxable year begins,
            ``(2) any estate or trust, or
            ``(3) any nonresident alien individual.''.
    (b) Conforming Amendment.--Section 1324(b)(2) of title 31, United 
States Code, is amended by inserting before the period ``, or enacted 
by the Energy Tax Rebate Act of 2005''.
    (c) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

``Sec. 6430. Energy tax rebate.''.
    (d) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

              TITLE II--LOW-INCOME HOME ENERGY ASSISTANCE

SEC. 201. SENSE OF THE SENATE REGARDING FULL FUNDING FOR THE LOW-INCOME 
              HOME ENERGY ASSISTANCE PROGRAM.

    It is the sense of the Senate that Congress should appropriate 
$5,100,000,000 for fiscal year 2006 and each subsequent fiscal year for 
the Low-Income Home Energy Assistance Program, under section 2602(b) of 
the Low-Income Home Energy Assistance Act of 1981.

                    TITLE III--CONSUMER PROTECTIONS

SEC. 301. UNFAIR OR DECEPTIVE ACTS OR PRACTICE IN COMMERCE RELATED TO 
              PRICING OF PETROLEUM PRODUCTS.

    (a) Sales to Consumers at Unconscionable Price.--
            (1) In general.--It is unlawful for any person to sell 
        crude oil, gasoline, or petroleum distillates at a price that--
                    (A) is unconscionably excessive; or
                    (B) indicates the seller is taking unfair advantage 
                of circumstances to increase prices unreasonably.
            (2) Factors considered.--In determining whether a violation 
        of paragraph (1) has occurred, there shall be taken into 
        account, among other factors, whether--
                    (A) the amount charge represents a gross disparity 
                between the price fo the crude oil, gasoline, or 
                petroleum distillate sold and the price at which it was 
                offered for sale in the usual course of the seller's 
                business immediately prior to the energy emergency; or
                    (B) the amount charged grossly exceeds the price at 
                which the same or similar crude oil, gasoline, or 
                petroleum distillate was readily obtainable by other 
                purchasers in the area to which the declaration 
                applies.
            (3) Mitigating factors.--In determining whether a violation 
        of paragraph (1) has occurred, there also shall be taken into 
        account, among other factors, the price that would reasonably 
        equate supply and demand in a competitive and freely 
        functioning market and whether the price at which the crude 
        oil, gasoline, or petroleum distillate was sold reasonably 
        reflects additional costs, not within the control fo the 
        seller, that were paid or incurred by the seller.
    (b) Prohibition Against Geographic Price-Setting and Territorial 
Restrictions.--
            (1) In general.--Except as provided in paragraph (2), it is 
        unlawful for any person to--
                    (A) set different prices for gasoline or petroleum 
                distillates for different geographic locations; or
                    (B) implement a territorial restriction with 
                respect to gasoline or petroleum distillates.
            (2) Exceptions.--A person may set different prices for 
        gasoline or petroleum distillates for different geographic 
        locations or implement territorial restrictions with respect to 
        gasoline or petroleum distillates only if the price differences 
        or restrictions are sufficiently justified by--
                    (A) differences in the cost of retail space where 
                the gasoline or petroleum distillate is sold;
                    (B) differences in the cost of transportation of 
                gasoline or petroleum distillates from the refinery to 
                the retail location;
                    (C) differences in the cost of storage of gasoline 
                or petroleum distillates at the retail location; or
                    (D) differences in the formulation of the gasoline 
                or petroleum distillates sold.
    (c) False Pricing Information.--It is unlawful for any person to 
report information related to the wholesale price of crude oil, 
gasoline, or petroleum distillates to the Federal Trade Commission if--
            (1) that person knew, or reasonably should have known, the 
        information to be false or misleading;
            (2) the information was required by law to be reported; and
            (3) the person intended the false or misleading data to 
        affect data compiled by that department or agency for 
        statistical or analytical purpose with respect to the market 
        for crude oil, gasoline, or petroleum distillates.

SEC. 302. ENFORCEMENT UNDER FEDERAL TRADE COMMISSION ACT.

    (a) Enforcement by Commission.--This title shall be enforced by the 
Federal Trade Commission. In enforcing section 301(a) of this title, 
the Commission shall give priority to enforcement actions concerning 
companies with total United States wholesale or retail sales of crude 
oil, gasoline, and petroleum distillates in excess of $500,000,000 per 
year but shall not exclude enforcement actions against companies with 
total United States wholesale sales of $500,000,000 or less per year.
    (b) Violation Is Unfair or Deceptive Act or Practice.--The 
violation of any provision of this title shall be treated as an unfair 
or deceptive act or practice proscribed under a rule issued under 
section 18(a)(1)(B) of the Federal Trade Commission Act (15 U.S.C. 
57a(a)(1)(B)).

SEC. 303. ENFORCEMENT BY STATE ATTORNEYS GENERAL.

    (a) In General.--A State, as parens patriae, may bring a civil 
action on behalf of its residents in an appropriate district court of 
the United States to enforce the provisions of section 301(a), or to 
impose the civil penalties authorized by section 304 for violations of 
section 301(a), whenever the attorney general of the State has reason 
to believe that the interests of the residents of the State have been 
or are being threatened by such violation.
    (b) Notice.--The State shall serve written notice to the Commission 
of any civil action under subsection (a) prior to initiating such civil 
action. The notice shall include a copy of the complaint to be filed to 
initiate such civil action, except that if it is not feasible for the 
State to provide such prior notice, the State shall provide such notice 
immediately upon instituting such civil action.
    (c) Authority to Intervene.--Upon receiving the notice required by 
subsection (b), the Commission may intervene in such civil action and 
upon intervening--
            (1) be heard on all matters arising in such civil action; 
        and
            (2) file petitions for appeal of a decision in such civil 
        action.
    (d) Construction.--For purposes of bringing any civil action under 
subsection (a), nothing in this section shall prevent the attorney 
general of a State from exercising the powers conferred on the attorney 
general by the laws of such State to conduct investigations or to 
administer oaths or affirmations or to compel the attendance of 
witnesses or the production of documentary and other evidence.
    (e) Venue; Service of Process.--In a civil action brought under 
subsection (a)--
            (1) the venue shall be a judicial district in which--
                    (A) the defendant operates;
                    (B) the defendant was authorized to do business; or
                    (C) where the defendant in the civil action is 
                found;
            (2) process may be served without regard to the territorial 
        limits of the district or of the State in which the civil 
        action is instituted; and
            (3) a person who participated with the defendant in an 
        alleged violation that is being litigated in the civil action 
        may be joined in the civil action without regard to the 
        residence of the person.
    (f) Limitation on State Action While Federal Action Is Pending.--If 
the Commission has instituted a civil action or an administrative 
action for violation of this title, no State attorney general, or 
official or agency of a State, may bring an action under this 
subsection during the pendency of that action against any defendant 
named in the complain of the Commission or the other agency for any 
violation of this title alleged in the complaint.
    (g) Enforcement of State Law.--Nothing contained in this section 
shall prohibit an authorized State official from proceeding in state 
court to enforce a civil or criminal statute of such State.

SEC. 304. PENALTIES.

    (a) Civil Penalty.--
            (1) In general.--In addition to any penalty applicable 
        under the Federal Trade Commission Act--
                    (A) any person who violates section 301(c) of this 
                title is punishable by a civil penalty of not more than 
                $1,000,000; and
                    (B) any person who violates section 301(a) or 
                301(b) of this title is punishable by a civil penalty 
                of not more than $3,000,000.
            (2) Method of assessment.--The penalties provided by 
        paragraph (1) shall be assessed in the same manner as civil 
        penalties imposed under section 5 of the Federal Trade 
        Commission Act (15 U.S.C. 45).
            (3) Multiple offenses; mitigating factors.--In assessing 
        the penalty provided by subsection (a)--
                    (A) each day of a continuing violation shall be 
                considered a separate violation; and
                    (B) the Commission shall take into consideration 
                the seriousness of the violation and the efforts of the 
                person committing the violation to remedy the harm 
                caused by the violation in a timely manner.
    (b) Criminal Penalty.--Violation of section 301(a) of this title is 
punishable by a fine of not more than $1,000,000, imprisonment for not 
more than 5 years, or both.

SEC. 305. EFFECT ON OTHER LAWS.

    (a) Other Authority of Commission.--Nothing in this title shall be 
construed to limit or affect in any way the Commission's authority to 
bring enforcement actions or take any other measure under the Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) or any other provision of 
law.
    (b) State Law.--Nothing in this title preempts any State law.

SEC. 306. MARKET TRANSPARENCY FOR CRUDE OIL, GASOLINE, AND PETROLEUM 
              DISTILLATES.

    (a) In General.--The Federal Trade Commission shall facilitate 
price transparency in markets for the sale of crude oil and essential 
petroleum products at wholesale, having due regard for the public 
interest, the integrity of those markets, fair competition, and the 
protection of consumers.
    (b) Marketplace Transparency.--
            (1) Dissemination of information.--In carrying out this 
        section, the Commission shall provide by rule for the 
        dissemination, on a timely basis, of information about the 
        availability and prices of wholesale crude oil, gasoline, and 
        petroleum distillates to the Commission, States, wholesale 
        buyers and sellers, and the public.
            (2) Protection of public from anticompetitive activity.--In 
        determining the information to be made available under this 
        section and time to make the information available, the 
        Commission shall seek to ensure that consumers and competitive 
        markets are protected from the adverse effects of potential 
        collusion or other anticompetitive behaviors that can be 
        facilitated by untimely public disclosure of transaction-
        specific information.
            (3) Protection of market mechanisms.--The Commission shall 
        withhold from public disclosure under this section any 
        information the Commission determines would, if disclosed, be 
        detrimental to the operation of an effective market or 
        jeopardize security.
    (c) Information Sources.--
            (1) In general.--In carrying out subsection (b), the 
        Commission may--
                    (A) obtain information from any market participant; 
                and
                    (B) rely on entities other than the Commission to 
                receive and make public the information, subject to the 
                disclosure rules in subsection (b)(3).
            (2) Published data.--In carrying out this section, the 
        Commission shall--
                    (A) consider the degree of price transparency 
                provided by existing price publishers and providers of 
                trade processing services; and
                    (B) rely on such publishers and services to the 
                maximum extent practicable.
            (3) Electronic information systems.--
                    (A) In general.--The Commission may establish an 
                electronic information system if the Commission 
                determines that existing price publications are not 
                adequately providing price discovery or market 
                transparency.
                    (B) Electronic information filing requirements.--
                Nothing in this section affects any electronic 
                information filing requirements in effect under this 
                title as of the date of enactment of this Act.
            (4) De minimus exception.--The Commission may not require 
        entities who have a de minimus market presence to comply with 
        the reporting requirements of this section.
    (d) Cooperation With Other Federal Agencies.--
            (1) Memorandum of understanding.--Not later 180 days after 
        the date of enactment of this Act, the Commission shall 
        conclude a memorandum of understanding with the Commodity 
        Futures Trading Commission and other appropriate agencies (if 
        applicable) relating to information sharing, which shall 
        include provisions--
                    (A) ensuring that information requests to markets 
                within the respective jurisdiction of each agency are 
                properly coordinated to minimize duplicative 
                information requests; and
                    (B) regarding the treatment of proprietary trading 
                information.
            (2) CFTC jurisdiction.--Nothing in this section limits or 
        affects the exclusive jurisdiction of the Commodity Futures 
        Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 
        et seq.).
    (e) Rulemaking.--Not later than 180 days after the date of 
enactment of this Act, the Commission shall initiate a rulemaking 
proceeding to establish such rules as the Commission determines to be 
necessary and appropriate to carry out this section.

Summary: Energy Tax Rebate Act of 2005 - Amends the Internal Revenue Code to provide a formula for an energy tax rebate to eligible individuals for the taxable year beginning in 2005. Expresses the sense of the Senate that Congress should appropriate $5.1 billion for FY2006 and each subsequent fiscal year for the Low-Income Home Energy Assistance Program (LIHEAP) under the Low-Income Home Energy Assistance Act of 1981. Declares it is unlawful for any person to sell crude oil, gasoline, or petroleum distillates at a price that: (1) is unconscionably excessive. Or (2) indicates the seller is taking unfair advantage of circumstances to increase prices unreasonably. Prohibits geographic price-setting and territorial restrictions. Empowers the Federal Trade Commission (FTC) and the State Attorneys General to enforce this Act. Sets forth civil and criminal penalties for violations of this Act. Directs the FTC to: (1) facilitate price transparency in markets for the sale of crude oil and essential petroleum products at wholesale. (2) seek to ensure that consumers and competitive markets are protected from the adverse effects of potential collusion or other anticompetitive behaviors that can be facilitated by untimely public disclosure of transaction-specific information. And (3) conclude a memorandum of understanding with the Commodity Futures Trading Commission and other appropriate agencies relating to information sharing.