I 
109TH CONGRESS 
1ST SESSION H. R. 2070 
To amend the Internal Revenue Code of 1986 to impose a windfall profit 
tax on oil and natural gas (and products thereof) and to allow an 
income tax credit for purchases of fuel-efficient passenger vehicles, and 
to allow grants for mass transit. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 4, 2005 
Mr. KUCINICH (for himself, Mr. SERRANO, Mr. ABERCROMBIE, Mr. DEFAZIO, 
Mr. FRANK of Massachusetts, Mr. MCDERMOTT, Ms. SOLIS, Mr. FILNER, 
Ms. CARSON, Mr. GRIJALVA, Mr. LANTOS, Ms. LEE, Mr. MCGOVERN, 
Ms. MCKINNEY, Ms. WOOLSEY, Mr. OWENS, Mr. STRICKLAND, Mr. CON-
YERS, Mr. DAVIS of Illinois, Mr. SANDERS, Mr. FARR, Mr. HINCHEY, Mr. 
EVANS, Mr. NADLER, Mr. KANJORSKI, Mr. SHERMAN, Mr. LEWIS of 
Georgia, Mr. GUTIERREZ, Mr. VISCLOSKY, Mr. KILDEE, Ms. SLAUGH-
TER, Ms. KAPTUR, Mr. OLVER, and Mr. STUPAK) introduced the fol-
lowing bill; which was referred to the Committee on Ways and Means, 
and in addition to the Committee on Transportation and Infrastructure, 
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 amend the Internal Revenue Code of 1986 to impose 
a windfall profit tax on oil and natural gas (and products 
thereof) and to allow an income tax credit for purchases 
of fuel-efficient passenger vehicles, and to allow grants 
for mass transit. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Gas Price Spike Act 
of 2005’’. 
SEC. 2. WINDFALL PROFITS TAX. 
(a) IN GENERAL.—Subtitle E of the Internal Rev-
enue Code of 1986 (relating to alcohol, tobacco, and cer-
tain other excise taxes) is amended by adding at the end 
thereof the following new chapter: 
‘‘CHAPTER 
56—WINDFALL 
PROFIT 
ON 
CRUDE OIL, NATURAL GAS, AND PROD-
UCTS THEREOF 
‘‘Sec. 5896. Imposition of tax. 
‘‘SEC. 5896. IMPOSITION OF TAX. 
‘‘(a) IN GENERAL.—In addition to any other tax im-
posed under this title, there is hereby imposed an excise 
tax on the sale in the United States of any crude oil, nat-
ural gas, or other taxable product a tax equal to the appli-
cable percentage of the windfall profit on such sale. 
‘‘(b) DEFINITIONS.—For purposes of this section— 
‘‘(1) TAXABLE
PRODUCT.—The term ‘taxable 
product’ means any fuel which is a product of crude 
oil or natural gas. 
‘‘(2) WINDFALL PROFIT.—The term ‘windfall 
profit’ means, with respect to any sale, so much of
the profit on such sale as exceeds a reasonable prof-
it. 
‘‘(3) APPLICABLE
PERCENTAGE.—The term 
‘applicable percentage’ means— 
‘‘(A) 50 percent to the extent that the 
profit on the sale exceeds 100 percent of the 
reasonable profit on the sale but does not ex-
ceed 102 percent of the reasonable profit on the 
sale, 
‘‘(B) 75 percent to the extent that the 
profit on the sale exceeds 102 percent of the 
reasonable profit on the sale but does not ex-
ceed 105 percent of the reasonable profit on the 
sale, and 
‘‘(C) 100 percent to the extent that the 
profit on the sale exceeds 105 percent of the 
reasonable profit on the sale. 
‘‘(4) REASONABLE PROFIT.—The term ‘reason-
able profit’ means the amount determined by the 
Reasonable Profits Board to be a reasonable profit 
on the sale. 
‘‘(c) LIABILITY FOR PAYMENT OF TAX.—The taxes 
imposed by subsection (a) shall be paid by the seller.’’.
(b) CLERICAL AMENDMENT.—The table of chapters 
for subtitle E of such Code is amended by adding at the 
end the following new item: 
‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL AND REFINED PETROLEUM 
PRODUCTS’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 3. CREDIT FOR PURCHASING FUEL EFFICIENT AMER-
ICAN-MADE PASSENGER VEHICLES. 
(a) IN GENERAL.—Subpart A of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to nonrefundable personal credits) is 
amended by inserting after section 25B the following new 
section: 
‘‘SEC. 25C. PURCHASE OF FUEL-EFFICIENT AMERICAN- 
MADE PASSENGER VEHICLES. 
‘‘(a) IN GENERAL.—In the case of an individual, 
there shall be allowed as a credit against the tax imposed 
by this chapter for the taxable year an amount equal to 
the cost of any qualified passenger vehicle purchased by 
the taxpayer during the taxable year. 
‘‘(b) MAXIMUM CREDIT.—The credit allowed by this 
section for the taxable year shall not exceed— 
‘‘(1) $3,000 in the case of a qualified passenger 
vehicle not described in paragraph (2) or (3),
‘‘(2) $4,500 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 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) $6,000 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,