I 

112TH CONGRESS 

1ST SESSION H. R. 1347 

To combat international oil price fixing and to amend the Internal Revenue 

Code of 1986 to allow individuals a credit against income tax of at 

least $1,000 to offset high 2011 gasoline and diesel fuel prices. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 4, 2011 

Mr. CHABOT introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Foreign 

Affairs, for a period to be subsequently determined by the Speaker, in 

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To combat international oil price fixing and to amend the 

Internal Revenue Code of 1986 to allow individuals a 

credit against income tax of at least $1,000 to offset 

high 2011 gasoline and diesel fuel prices. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Oil Price Reduction 

5 Act of 2011’’. 


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1 TITLE I—INTERNATIONAL OIL 

2 PRICE FIXING 

3 SEC. 101. PROHIBITION ON BILATERAL ASSISTANCE AND 

4 ARMS EXPORTS TO MAJOR OIL EXPORTING 

5 COUNTRIES ENGAGED IN PRICE FIXING. 

6 (a) PROHIBITION.—United States bilateral assistance 

7 and arms exports may not be provided to any country that 

8 is a major net oil exporter, including any country that is 

9 a member of OPEC, if the country is engaged in oil price 

10 fixing to the detriment of the United States economy. 

11 (b) WAIVER.—The President may waive the applica12 tion of subsection (a) with respect to a major oil exporting 

13 country if the President determines and certifies to Con14 gress that it is in the national security interests of the 

15 United States to do so. 

16 SEC. 102. DEFINITIONS. 

17 In this title: 

18 (1) OIL PRICE FIXING.—The term ‘‘oil price 

19 fixing’’ means participation in any agreement, ar20 rangement, or understanding with other countries 

21 that are oil exporters to increase the price of oil or 

22 natural gas by means of, inter alia, limiting oil or 

23 gas production or establishing minimum prices for 

24 oil or gas. 


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1 (2) OPEC.—The term ‘‘OPEC’’ means the Or2 ganization of Petroleum Exporting Countries. 

3 (3) UNITED STATES BILATERAL ASSISTANCE

4 AND ARMS EXPORTS.—The term ‘‘United States bi5 lateral assistance and arms exports’’ does not in6 clude humanitarian assistance. 

7 TITLE II—NONREFUNDABLE 

8 CREDIT TO OFFSET HIGH 2011 

9 GASOLINE AND DIESEL FUEL 

10 PRICES 

11 SEC. 201. CREDIT AGAINST INCOME TAX TO OFFSET HIGH 

12 2011 GASOLINE AND DIESEL FUEL PRICES. 

13 (a) IN GENERAL.—Subchapter B of chapter 65 of the 

14 Internal Revenue Code of 1986 (relating to abatements, 

15 credits, and refunds) is amended by adding at the end the 

16 following new section: 

17 ‘‘SEC. 6433. NONREFUNDABLE CREDIT TO OFFSET HIGH 

18 2011 GASOLINE AND DIESEL FUEL PRICES. 

19 ‘‘(a) ALLOWANCE OF CREDIT.—In the case of an eli20 gible individual, there shall be allowed as a credit against 

21 the tax imposed by chapter 1 for the taxpayer’s last tax22 able year ending in 2011 the amount of $1,000 ($2,000 

23 in the case of a joint return). 

24 ‘‘(b) DEFINITIONS.—For purposes of this section— 

25 ‘‘(1) ELIGIBLE INDIVIDUAL.— 


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•HR 1347 IH

1 ‘‘(A) IN GENERAL.—The term ‘eligible in2 dividual’ means any individual to whom is reg3 istered under State law any qualified highway 

4 vehicle. 

5 ‘‘(B) EXCEPTIONS.—Such term shall not 

6 include— 

7 ‘‘(i) any estate or trust, 

8 ‘‘(ii) any nonresident alien individual, 

9 and 

10 ‘‘(iii) any individual with respect to 

11 whom a deduction under section 151 is al12 lowable to another taxpayer for a taxable 

13 year beginning in the calendar year in 

14 which the individual’s taxable year begins. 

15 ‘‘(2) QUALIFIED HIGHWAY VEHICLE.— 

16 ‘‘(A) IN GENERAL.—The term ‘qualified 

17 highway vehicle’ means any highway vehicle 

18 fueled in whole or in part by gasoline or diesel 

19 fuel. 

20 ‘‘(B) EXCEPTION FOR BUSINESS VEHI21 CLES.—Such term shall not include any vehicle 

22 all of the use of which is in any trade or busi23 ness. 

24 ‘‘(c) CREDIT TREATED AS NONREFUNDABLE PER25 SONAL CREDIT.—For purposes of this title, the credit alVerDate Mar 15 2010 01:03 Apr 06, 2011 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1347.IH H1347

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1 lowed under this section shall be treated as a credit allow2 able under subpart A of part IV of subchapter A of chap3 ter 1.’’. 

4 (b) CLERICAL AMENDMENT.—The table of sections 

5 for such subchapter B is amended by adding at the end 

6 the following new item: 

‘‘Sec. 6433. Nonrefundable credit to offset high 2011 gasoline and diesel fuel 

prices.’’. 

7 (c) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply to taxable years ending during 

9 2011. 

Æ 


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