‘‘SEC. 25B. 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 of a truck or sport utility
vehicle, 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,
‘‘(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 of 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.
Subtitle B—Windfall Profits Tax
SEC. 211. 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 
55—WINDFALL 
PROFIT 
ON
ELECTRICITY, 
FUEL 
OIL, 
NATURAL
GAS, COAL, AND PRODUCTS THEREOF
‘‘Sec. 5886. Imposition of tax.
‘‘SEC. 5886. 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 electricity, fuel
oil, natural gas, coal, or other taxable product equal to
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 fuel
oil, natural gas, or coal.
‘‘(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) 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 55. Windfall profit on electricity and fuel oil, natural
gas, coal, and products thereof.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall take effect on the date of the enactment
of this Act.
SEC. 212. WINDFALL PROFITS 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. WINDFALL PROFITS 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 ‘Windfall Profits Fund’, consisting of
such amounts as may be appropriated or credited to such
fund as provided in this section or section 9602(b).
‘‘(b) TRANSFERS TO TRUST FUND.—There are here-
by appropriated to the Windfall Profits Fund amounts
equivalent to the taxes received under section 5886 (relat-
ing to tax on windfall profits on electricity and fuel oil,
natural gas, coal, and products thereof).
‘‘(c) EXPENDITURES.—Amounts in the Windfall
Profits Fund shall be available, as provided in appropria-
tion Acts, for purposes of making qualified expenditures,
to the extent that such amounts exceed the aggregate of
all Federal administrative costs attributable to the imple-
mentation of section 5886, subsections (a) and (b) of this
section, and (with respect to such fund) section 9602.
‘‘(d) QUALIFIED EXPENDITURES.—For purposes of
subsection (c), the term ‘qualified expenditure’ means an
expenditure to carry out any provision of, or any amend-
ment made by, the Comprehensive Energy Conservation
Act for the 21st Century.’’.
(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. Windfall Profits Fund.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 2001.
SEC. 213. 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 electricity and fuel oil, natural gas, coal, 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 9 members appointed by the President, as follows:
(A) 2 members of the Board shall be from
organized labor.
(B) 2 members of the Board shall be from
consumer groups.
(C) 2 members of the Board shall be from
the environmental community.
(D) 2 members of the Board shall be ex-
perts in renewable energy.
(E) 1 member of the Board shall be from
the small business community.
(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.—
(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.
(i) FUNDING.—There are authorized to be appro-
priated such funds as are necessary to carry out this sec-
tion.
Æ