‘‘(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 within the 10 percent most fuel efficient 
range. 
‘‘(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 25B the following new item: 
‘‘Sec. 25C. 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. 
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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 56 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 25C 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. 
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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 5896 
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 
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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 
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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.— 
(1) EXPERTS AND CONSULTANTS.—The Board 
may procure by contract, to the extent funds are 
available, the temporary or intermittent services of 
experts or consultants pursuant to section 3109 of 
title 5, United States Code. 
(2) LEASING.—The Board may lease space and 
acquire personal property to the extent that funds 
are available. 
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