‘‘(A) in the case a truck or sport utility ve-
hicle, at least 45 miles per gallon but less than
55 miles per gallon, and
‘‘(B) in any other case, at least 55 miles
per gallon but less than 65 miles per gallon,
and
‘‘(3) $4,000 in the case of a qualified passenger
vehicle the fuel economy of which is—
‘‘(A) in the case a truck or sport utility ve-
hicle, at least 55 miles per gallon, and
‘‘(B) in any other case, at least 65 miles
per gallon.
‘‘(c) QUALIFIED PASSENGER VEHICLE.—For pur-
poses of this section—
‘‘(1) IN GENERAL.—The term ‘qualified auto-
mobile’ means any automobile (as defined in section
4064(b))—
‘‘(A) which is purchased after the date of
the enactment of this section,
‘‘(B) which is assembled in the United
States by individuals employed under a collec-
tive bargaining agreement,
‘‘(C) the original use of which begins with
the taxpayer,
‘‘(D) substantially all of the use of which
is for personal, nonbusiness purposes, and
‘‘(E) the fuel economy of such automobile
is—
‘‘(i) at least 35 miles per gallon in the
case a truck or sport utility vehicle, and
‘‘(ii) at least 45 miles per gallon in
any other case.
‘‘(2) FUEL ECONOMY.—Fuel economy shall be
determined in accordance with section 4064.
‘‘(d) SPECIAL RULES.—
‘‘(1) BASIS
REDUCTION.—The basis of any
property for which a credit is allowable under sub-
section (a) shall be reduced by the amount of such
credit.
‘‘(2) 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).’’
(b) CLERICAL AMENDMENT.—The table of sections
for such subpart A is amended by inserting after the item
relating to section 25A the following new item:
‘‘Sec. 25B. Purchase of fuel-efficient American-made passenger
vehicles.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years ending after the
date of the enactment of this Act.
SEC. 4. MASS TRANSIT FARE REDUCTIONS DURING GAS
PRICE SPIKES.
(a) IN GENERAL.—The Secretary of Transportation
may make grants to the operator of a mass transit system
to assist the operator in reducing fares paid by passengers
using the system.
(b) USE OF GRANTS.—Grants received under the
program shall be used solely for implementing a fare re-
duction described in subsection (a) that is applied equally
to all passengers using the mass transit system.
(c) MASS TRANSIT SYSTEM DEFINED.—In this sec-
tion, the term ‘‘mass transit system’’ includes bus and
commuter rail systems.
(d) AUTHORIZATION OF APPROPRIATIONS.—There is
authorized to be appropriated to carry out this section in
a fiscal year amounts equivalent to the excess (if any) of—
(1) the revenues received during the preceding
fiscal year pursuant to chapter 55 of the Internal
Revenue Code of 1986 (relating to windfall profit on
crude oil and refined petroleum products), over
(2) the revenue cost for such fiscal year of sec-
tion 25B of such Code (relating to purchase of fuel-
efficient American-made passenger vehicles).
Amounts authorized under the preceding sentence shall re-
main available until expended.
SEC. 5. REASONABLE PROFITS BOARD.
(a) ESTABLISHMENT.—There is established an inde-
pendent board to be known as the ‘‘Reasonable Profits
Board’’ (hereafter in this section referred to as the
‘‘Board’’).
(b) DUTIES.—The Board shall make reasonable prof-
it determinations for purposes of applying section 5886
of the Internal Revenue Code of 1986 (relating to windfall
profit on crude oil, natural gas, and products thereof).
(c) ADVISORY COMMITTEE.—The Board shall be con-
sidered an advisory committee within the meaning of the
Federal Advisory Committee Act (5 U.S.C. App.).
(d) APPOINTMENT.—
(1) MEMBERS.—The Board shall be composed
of 3 members appointed by the President of the
United States.
(2) TERM.—Members of the Board shall be ap-
pointed for a term of 3 years.
(3) BACKGROUND.—The members shall have no
financial interests in any of the businesses for which
reasonable profits are determined by the Board.
(e) PAY AND TRAVEL EXPENSES.—
(1) PAY.—Notwithstanding section 7 of the
Federal Advisory Committee Act (5 U.S.C. App.),
members of the Board shall be paid at a rate equal
to the daily equivalent of the minimum annual rate
of basic pay for level IV of the Executive Schedule
under section 5315 of title 5, United States Code,
for each day (including travel time) during which the
member is engaged in the actual performance of du-
ties vested in the Board.
(2) TRAVEL EXPENSES.—Members shall receive
travel expenses, including per diem in lieu of subsist-
ence, in accordance with section 5702 and 5703 of
title 5, United States Code.
(f) DIRECTOR OF STAFF.—
(1) QUALIFICATIONS.—The Board shall appoint
a Director who has no financial interests in any of
the businesses for which reasonable profits are de-
termined by the Board.
(2) PAY.—Notwithstanding section 7 of the
Federal Advisory Committee Act (5 U.S.C. App.),
the Director shall be paid at the rate of basic pay
payable for level IV of the Executive Schedule under
section 5315 of title 5, United States Code.
(g) STAFF.—
(1) ADDITIONAL
PERSONNEL.—The Director,
with the approval of the Board, may appoint and fix
the pay of additional personnel.
(2) APPOINTMENTS.—The Director may make
such appointments without regard to the provisions
of title 5, United States Code, governing appoint-
ments in the competitive service, and any personnel
so appointed may be paid without regard to the pro-
visions of chapter 51 and subchapter III of chapter
53 of that title relating to classification and General
Schedule pay rates.
(3) DETAILEES.—Upon the request of the Di-
rector, the head of any Federal department or agen-
cy may detail any of the personnel of that depart-
ment or agency to the Board to assist the Board in
accordance with an agreement entered into with the
Board.
(4) ASSISTANCE.—The Comptroller General of
the United States may provide assistance, including
the detailing of employees, to the Board in accord-
ance with an agreement entered into with the Board.
(h) OTHER AUTHORITY.—