taxable crude oil) with respect to such oil as the Secretary 
may by regulations prescribe. 
‘‘(c) RETURN OF WINDFALL PROFIT TAX.—The Sec-
retary shall provide for the filing and the time of such 
filing of the return of the tax imposed under section 5896. 
‘‘(d) DEFINITIONS.—For purposes of this chapter— 
‘‘(1) PRODUCER.—The term ‘producer’ means 
the holder of the economic interest with respect to 
the crude oil. 
‘‘(2) CRUDE OIL.— 
‘‘(A) IN GENERAL.—The term ‘crude oil’ 
includes crude oil condensates and natural gas-
oline. 
‘‘(B) EXCLUSION OF NEWLY DISCOVERED 
OIL.—Such term shall not include any oil pro-
duced from a well drilled after the date of the 
enactment of the ‘Windfall Profits and Con-
sumer Assistance Act of 2005’, except with re-
spect to any oil produced from a well drilled 
after such date on any proven oil or gas prop-
erty 
(within 
the 
meaning 
of 
section 
613A(c)(9)(A)). 
‘‘(3) BARREL.—The term ‘barrel’ means 42 
United States gallons.
‘‘(e) ADJUSTMENT OF REMOVAL PRICE.—In deter-
mining the removal price of oil from a property in the case 
of any transaction, the Secretary may adjust the removal 
price to reflect clearly the fair market value of oil removed. 
‘‘(f) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary or appropriate to 
carry out the purposes of this chapter. 
‘‘(g) TERMINATION.—This section shall not apply to 
taxable crude oil removed after the date which is 3 years 
after the date of the enactment of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of chapters 
for subtitle E of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new item: 
‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to crude oil removed after 
the date of the enactment of this Act, in taxable 
years ending after such date. 
(2) TRANSITIONAL
RULES.—For the period 
ending December 31, 2005, the Secretary of the 
Treasury or the Secretary’s delegate shall prescribe 
rules relating to the administration of chapter 56 of 
the Internal Revenue Code of 1986. To the extent 
provided in such rules, such rules shall supplement 
or supplant for such period the administrative provi-
sions contained in chapter 56 of such Code (or in so 
much of subtitle F of such Code as relates to such 
chapter 56). 
SEC. 3. CONSUMER ENERGY ASSISTANCE TRUST FUND. 
(a) IN GENERAL.—Subchapter A of chapter 98 of the 
Internal Revenue Code of 1986 (relating to establishment 
of trust funds) is amended by adding at the end the fol-
lowing new section: 
‘‘SEC. 9511. CONSUMER ENERGY ASSISTANCE TRUST FUND. 
‘‘(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund 
to be known as the ‘Consumer Energy Assistance Trust 
Fund’, consisting of such amounts as may be appropriated 
or credited to such fund as provided in this section or sec-
tion 9602(b). 
‘‘(b) TRANSFERS TO TRUST FUND.—There are here-
by appropriated to the Consumer Energy Assistance Trust 
Fund amounts equivalent to the taxes received in the 
Treasury under chapter 56. 
‘‘(c) EXPENDITURES.—Amounts in the Consumer 
Energy Assistance Trust Fund shall be available for mak-
ing expenditures to carry out the Low-Income Home En-
ergy Assistance Act of 1981 (as in effect on the date of 
the enactment of this section).’’.
(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter A of chapter 98 of such Code is amended 
by adding at the end the following new item: 
‘‘Sec. 9511. Consumer Energy Assistance Trust Fund.’’. 
SEC. 4. ENERGY CONSUMER 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 re-
funds) is amended by adding at the end the following new 
section: 
‘‘SEC. 6430. ENERGY CONSUMER 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 
each taxable year beginning after December 31, 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) the applicable amount. 
‘‘(b) LIABILITY FOR TAX.—For purposes of this sec-
tion, 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) APPLICABLE AMOUNT.—For purposes of this 
section, the applicable amount for any taxpayer shall be 
determined by the Secretary not later than the date speci-
fied in subsection (d)(1) taking into account the number 
of such taxpayers and the amount of revenues in the 
Treasury (reduced by the amount appropriated to the 
Consumer Energy Assistance Trust Fund under section 
9511) resulting from the tax imposed by chapter 56 for 
the calendar year preceding the taxable year. 
‘‘(d) DATE PAYMENT DEEMED MADE.— 
‘‘(1) IN GENERAL.—The payment provided by 
this section shall be deemed made on February 1 of 
the calendar year ending with or within the taxable 
year.
‘‘(2) REMITTANCE
OF
PAYMENT.—The Sec-
retary shall remit to each taxpayer the payment de-
scribed in paragraph (1) not later that the date 
which is 30 days after the date specified in para-
graph (1). 
‘‘(e) CERTAIN PERSONS NOT ELIGIBLE.—This sec-
tion shall not apply to— 
‘‘(1) any individual with respect to whom a de-
duction under section 151 is allowable to another 
taxpayer for a taxable year beginning in the cal-
endar 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 Windfall Profits 
and Consumer Assistance 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 fol-
lowing new item: 
‘‘Sec. 6430. Energy consumer rebate.’’.