To amend the Internal Revenue Code of 1986 to suspend the Federal motor fuel excise taxes until the average price of unleaded gasoline is below $3 per gallon for at least 6 months.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gas Price Relief Act of 2007''.

SEC. 2. TEMPORARY SUSPENSION OF MOTOR FUEL TAXES.

    (a) In General.--Section 4081 of the Internal Revenue Code of 1986 
(relating to imposition of tax on gasoline, diesel fuel, and kerosene) 
is amended by adding at the end the following new subsection:
    ``(f) Temporary Suspension of Taxes.--
            ``(1) In general.--During the suspension period, each rate 
        of tax referred to in paragraph (2) shall be zero.
            ``(2) Rates of tax.--The rates of tax referred to in this 
        paragraph are the rates of tax otherwise applicable under--
                    ``(A) paragraphs (1), (2), and (3) of section 
                4041(a) (relating to retail taxes on diesel fuel, 
                special motor fuels, and compressed natural gas),
                    ``(B) section 4041(d) (relating to additional taxes 
                to fund Leaking Underground Storage Tank Trust Fund),
                    ``(C) section 4041(m) (relating to certain alcohol 
                fuels),
                    ``(D) clauses (i) and (iii) of subsection (a)(2)(A) 
                (relating to gasoline, diesel fuel, and kerosene), and
                    ``(E) subsection (a)(2)(B) (relating to Leaking 
                Underground Storage Tank Trust Fund tax).
            ``(3) Exceptions.--Paragraph (1) shall not apply to--
                    ``(A) any tax imposed by section 4041 on fuel sold 
                for use or used in a train or motorboat, and
                    ``(B) any tax imposed by section 4081 on gasoline 
                or kerosene used for aviation.
            ``(4) Suspension period.--For purposes of this subsection, 
        the term `suspension period' means the period beginning on the 
        date of the enactment of this subsection and ending on the last 
        day of the first period of 6 consecutive months beginning after 
        such date that the national average price of unleaded regular 
        gasoline is less than $3.00 per gallon (as determined under 
        section 6 of the Gas Price Relief Act of 2007).
            ``(5) Maintenance of trust fund deposits.--In determining 
        the amounts to be appropriated to any trust fund, an amount 
        equal to the reduction in revenues to the Treasury by reason of 
        a reduction under this subsection in any rate shall be treated 
        as taxes received in the Treasury under such rate.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. REPEAL OF EXPENSING FOR CERTAIN REFINERIES.

    (a) In General.--Section 179C of the Internal Revenue Code of 1986 
(relating to election to expense certain refineries) is hereby 
repealed.
    (b) Technical Amendments.--
            (1) Section 1245(a) of such Code is amended by striking 
        ``179C,'' each place it appears.
            (2) Section 263(a)(1) of such Code is amended by adding 
        ``or'' at the end of subparagraph (H), by striking ``, or'' at 
        the end of subparagraph (I) and inserting a period, and by 
        striking subparagraph (J).
            (3) Section 312(k)(3)(B) of such Code is amended by 
        striking ``179B, or 179C'' each place it appears in the heading 
        and the text and inserting ``, or 179B''.
            (4) The table of sections for part VI of subchapter B of 
        chapter 1 of such Code is amended by striking the item relating 
        to section 179C.
    (c) Transfer of Equivalent Tax Liability to Highway Trust Fund.--
There are hereby appropriated to the Highway Trust Fund amounts 
equivalent to the aggregate net increase in tax liabilities under 
chapter 1 of the Internal Revenue Code of 1986 which is attributable to 
the repeal of section 179C of such Code by subsection (a). Such 
appropriated amounts shall be transferred from the general fund of the 
Treasury on the basis of estimates of such tax liabilities made by the 
Secretary of the Treasury. Transfers shall be made pursuant to a 
schedule made by the Secretary of the Treasury that takes into account 
estimated timing of collection of such liabilities. Proper adjustments 
shall be made in amounts transferred to the extent prior estimates were 
in excess of or less than the amounts required to be transferred.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 4. FLOOR STOCK REFUNDS.

    (a) In General.--If--
            (1) before the date of the enactment of this Act, a tax 
        referred to in section 4081(f)(2) of the Internal Revenue Code 
        of 1986 has been imposed on any liquid, and
            (2) on such date such liquid is held by a dealer and has 
        not been used and is intended for sale,
there shall be credited or refunded (without interest) to the person 
who paid such tax (hereafter in this section referred to as the 
``taxpayer'') an amount equal to the excess of the tax paid by the 
taxpayer over the amount of such tax which would be imposed on such 
liquid had the taxable event occurred on such date.
    (b) Time for Filing Claims.--No credit or refund shall be allowed 
or made under this section unless--
            (1) claim therefor is filed with the Secretary of the 
        Treasury before the date which is 6 months after the date of 
        the enactment of this Act, and
            (2) in any case where liquid is held by a dealer (other 
        than the taxpayer) on the date of the enactment of this Act--
                    (A) the dealer submits a request for refund or 
                credit to the taxpayer before the date which is 3 
                months after such date, and
                    (B) the taxpayer has repaid or agreed to repay the 
                amount so claimed to such dealer or has obtained the 
                written consent of such dealer to the allowance of the 
                credit or the making of the refund.
    (c) Exception for Fuel Held in Retail Stocks.--No credit or refund 
shall be allowed under this section with respect to any liquid in 
retail stocks held at the place where intended to be sold at retail.
    (d) Definitions.--For purposes of this section, the terms 
``dealer'' and ``held by a dealer'' have the respective meanings given 
to such terms by section 6412 of such Code; except that the term 
``dealer'' includes a producer.
    (e) Certain Rules To Apply.--Rules similar to the rules of 
subsections (b) and (c) of section 6412 of such Code shall apply for 
purposes of this section.

SEC. 5. FLOOR STOCKS TAX.

    (a) Imposition of Tax.--In the case of any taxable liquid which is 
held on the floor stocks tax date by any person, there is hereby 
imposed a floor stocks tax equal to the excess of the tax which would 
be imposed on such liquid under any section of the Internal Revenue 
Code of 1986 referred to in section 4081(f)(2) of such Code had the 
taxable event occurred on the floor stocks tax date over the tax paid 
under any such section on such liquid.
    (b) Liability for Tax and Method of Payment.--
            (1) Liability for tax.--A person holding a liquid on the 
        floor stocks tax date to which the tax imposed by subsection 
        (a) applies shall be liable for such tax.
            (2) Method of payment.--The tax imposed by subsection (a) 
        shall be paid in such manner as the Secretary shall prescribe.
            (3) Time of payment.--The tax imposed by subsection (a) 
        shall be paid on or before the date which is 6 months after the 
        floor stocks tax date.
    (c) Definitions.--For purposes of this section--
            (1) Held by a person.--A liquid shall be considered as 
        ``held by a person'' if title thereto has passed to such person 
        (whether or not delivery to the person has been made).
            (2) Taxable liquid.--The term ``taxable liquid'' means any 
        liquid on which a tax referred to in section 4081(a)(2) of such 
        Code is imposed on the floor stocks tax date.
            (3) Floor stock tax date.--The term ``floor stocks tax 
        date'' means the first day after the suspension period (as 
        defined in section 4081(f)(4) of such Code).
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or the Secretary's delegate.
    (d) Exception for Exempt Uses.--The tax imposed by subsection (a) 
shall not apply to taxable liquid held by any person exclusively for 
any use to the extent a credit or refund of the tax imposed by a 
section of the Code referred to in section 4081(a)(2) of such Code is 
allowable for such use.
    (e) Exception for Fuel Held in Vehicle Tank.--No tax shall be 
imposed by subsection (a) on taxable liquid held in the tank of a motor 
vehicle or motorboat.
    (f) Exception for Certain Amounts of Fuel.--
            (1) In general.--No tax shall be imposed by subsection (a) 
        on any liquid held on the floor stocks tax date by any person 
        if the aggregate amount of liquid held by such person on such 
        date does not exceed 2,000 gallons. The preceding sentence 
        shall apply only if such person submits to the Secretary (at 
        the time and in the manner required by the Secretary) such 
        information as the Secretary shall require for purposes of this 
        paragraph.
            (2) Exempt fuel.--For purposes of paragraph (1), there 
        shall not be taken into account fuel held by any person which 
        is exempt from the tax imposed by subsection (a) by reason of 
        subsection (d) or (e).
            (3) Controlled groups.--For purposes of this section--
                    (A) Corporations.--
                            (i) In general.--All persons treated as a 
                        controlled group shall be treated as 1 person.
                            (ii) Controlled group.--The term 
                        ``controlled group'' has the meaning given to 
                        such term by subsection (a) of section 1563 of 
                        such Code; except that for such purposes the 
                        phrase ``more than 50 percent'' shall be 
                        substituted for the phrase ``at least 80 
                        percent'' each place it appears in such 
                        subsection.
                    (B) Nonincorporated persons under common control.--
                Under regulations prescribed by the Secretary, 
                principles similar to the principles of subparagraph 
                (A) shall apply to a group of persons under common 
                control where 1 or more of such persons is not a 
                corporation.
    (g) Other Laws Applicable.--All provisions of law, including 
penalties, applicable with respect to the taxes imposed by chapter 31 
or 32 of such Code shall, insofar as applicable and not inconsistent 
with the provisions of this section, apply with respect to the floor 
stock taxes imposed by subsection (a) to the same extent as if such 
taxes were imposed by such chapter.

SEC. 6. GASOLINE PRICE MONITORING.

    (a) Establishment of Monitoring Program.--The Federal Trade 
Commission shall carry out a program to monitor gasoline prices in the 
United States.
    (b) Monthly Determination of National Average Price of Unleaded 
Regular Gasoline.--In carrying out the program, the Commission shall 
determine for each month the national average price of unleaded regular 
gasoline at retail stations.
    (c) Reports.--Not later than the 15th day of each month beginning 
after the 180th day following the date of enactment of this Act, the 
Commission shall--
            (1) transmit to Congress a report containing the results of 
        monitoring conducted under the program in the preceding month, 
        including the determination required under subsection (b); and
            (2) make a copy of the report available to the public in an 
        electronic format on an Internet website maintained by the 
        Commission.

SEC. 7. COMMISSION ON GAS PRICE RELIEF.

    (a) Establishment.--Not later than three months after the date of 
enactment of this Act, the Speaker of the House of Representatives 
shall establish a Commission on Gas Price Relief.
    (b) Study and Report.--The Commission shall conduct a study of the 
causes of high oil prices and submit a report to the House of 
Representatives within 1 year after the date on which such Commission 
is established. The report shall include a determination of revenue 
raisers in addition to the repeal of section 179C of the Internal 
Revenue Code of 1986 (made by section 3 of this Act) that would help 
replenish the Treasury for the loss in revenue resulting from any 
suspension of the Federal excise taxes on motor fuels under section 
4081(f) of the Internal Revenue Code of 1986 (as added by section 2 of 
this Act).
    (c) Membership.--The Commission shall be comprised of 9 Members, as 
follows:
            (1) The Chairman of the Committee on Ways and Means, ex 
        officio.
            (2) The Chairman of the Committee on Energy and Commerce, 
        ex officio.
            (3) One member, appointed by the Chairman of the Committee 
        on Ways and Means, who shall not be from the same political 
        party as the Chairman.
            (4) One member, appointed by the Chairman of the Committee 
        on Energy and Commerce, who shall not be from the same 
        political party as the Chairman.
            (5) Five members appointed by the Speaker, of whom at least 
        two shall not be from the same political party as the Speaker.
    (d) Co-Chairs.--The Chairman of the Committee on Ways and Means and 
the Chairman of the Committee on Energy and Commerce shall serve as co-
chairmen of the Commission.

Summary: Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to suspend certain federal motor fuel excise taxes until the average price of unleaded regular gasoline is less than $3.00 per gallon for a period of six consecutive months . Provides for adjustments to such excise taxes for floor stocks of motor fuels held by dealers prior to or after the suspension period. Repeals provisions allowing a taxpayer election to expense the cost of qualified refinery property. Transfers to the Highway Trust Fund increased tax revenues resulting from such repeal. Requires the Federal Trade Commission (FTC) to monitor gasoline prices in the United States and to report to Congress on its findings. Requires the Speaker of the House of Representatives to establish a Commission on Gas Price Relief to study the causes of high oil prices.