I 
110TH CONGRESS 
2D SESSION 
H. R. 6647 
To direct the Federal Trade Commission to investigate how speculators are 
driving up the cost of gasoline in the financial markets, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 29, 2008 
Mr. RUPPERSBERGER introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committee on En-
ergy and Commerce, 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 direct the Federal Trade Commission to investigate how 
speculators are driving up the cost of gasoline in the 
financial markets, and for other purposes. 
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 ‘‘Energy Fraud and 
Fairness Reform Act’’. 
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TITLE I—FEDERAL TRADE 
COMMISSION 
SEC. 101. INVESTIGATION OF GASOLINE PRICES. 
(a) INVESTIGATION.—Not later than 30 days after 
the date of the enactment of this Act, the Federal Trade 
Commission shall commence an investigation to determine 
if the price of gasoline is being artificially manipulated by 
speculation in the oil markets and specifically at the Inter-
continental Exchange in Atlanta, Georgia. 
(b) REPORT TO CONGRESS.—Not later than 90 days 
after the date of the enactment of this Act, the Federal 
Trade Commission shall transmit to Congress a report 
that describes— 
(1) the progress of the investigation; and 
(2) any recommendations of the Federal Trade 
Commission regarding any legislation necessary to 
address speculation in the oil markets. 
TITLE II—TAX PROVISIONS 
SEC. 201. INCREASE IN CREDIT FOR ALTERNATIVE FUEL 
VEHICLE REFUELING PROPERTY. 
(a) IN GENERAL.—Subsection (a) of section 30C of 
the Internal Revenue Code of 1986 (relating to credit al-
lowed for alternative fuel vehicle refueling property) is 
amended by striking ‘‘30 percent’’ and inserting ‘‘50 per-
cent’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to property placed in service 
after the date of the enactment of this Act in taxable years 
ending after such date. 
SEC. 202. CREDIT FOR CONVERTING GAS AND DIESEL PRO-
PELLED MOTOR VEHICLES TO VEHICLES 
PROPELLED BY ALTERNATIVE FUEL, CLEAN 
FUEL, OR FUEL CELLS. 
(a) IN GENERAL.—Subpart B of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 30D. CONVERSION OF GAS AND DIESEL PROPELLED 
MOTOR VEHICLES PROPELLED BY ALTER-
NATIVE FUEL, CLEAN FUEL, OR FUEL CELLS. 
‘‘(a) ALLOWANCE OF CREDIT.—There shall be al-
lowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to the aggregate 
costs of a qualified conversion of a motor vehicle— 
‘‘(1) which, after such conversion, is placed in 
service by the taxpayer during the taxable year, 
‘‘(2) of which the original use after such con-
version commences with the taxpayer, and 
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‘‘(3) which, after such conversion, is for use or 
lease by the taxpayer and not for resale or lease to 
others. 
‘‘(b) DEFINITIONS.—For purposes of this section— 
‘‘(1) 
QUALIFIED
CONVERSION.—The 
term 
‘qualified conversion’ means the conversion of a 
motor vehicle from a vehicle that is propelled by gas-
oline or diesel fuel to a vehicle that is propelled by 
alternative fuel, clean fuel, or fuel cells. 
‘‘(2) ALTERNATIVE
FUEL.—The term ‘alter-
native fuel’ has the meaning given such term by sec-
tion 6426(d)(2), determined without regard to the 
last sentence thereof. 
‘‘(3) CLEAN FUEL.—The term ‘clean fuel’ has 
the meaning given such term by section 179A(e)(1). 
‘‘(4) FUEL CELL.—The term ‘fuel cell’ means 
qualified fuel cell property (as defined in section 
48(c)(1)). 
‘‘(5) MOTOR VEHICLE.—The term ‘motor vehi-
cle’ has the meaning given such term by section 
30(c)(2). 
‘‘(c) APPLICATION WITH OTHER CREDITS.— 
‘‘(1) BUSINESS CREDIT TREATED AS PART OF 
GENERAL BUSINESS CREDIT.—So much of the credit 
which would be allowed under subsection (a) for any 
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taxable year (determined without regard to this sub-
section) that is attributable to property of a char-
acter subject to an allowance for depreciation shall 
be treated as a credit listed in section 38(b) for such 
taxable year (and not allowed under subsection (a)). 
‘‘(2) PERSONAL CREDIT.— 
‘‘(A) IN GENERAL.—For purposes of this 
title, the credit allowed under subsection (a) for 
any taxable year (determined after application 
of paragraph (1)) shall be treated as a credit 
allowable under subpart A for such taxable 
year. 
‘‘(B) LIMITATION BASED ON AMOUNT OF 
TAX.—In the case of a taxable year to which 
section 26(a)(2) does not apply, the credit al-
lowed under subsection (a) for any taxable year 
(determined after application of paragraph (1)) 
shall not exceed the excess of— 
‘‘(i) the sum of the regular tax liabil-
ity (as defined in section 26(b)) plus the 
tax imposed by section 55, over 
‘‘(ii) the sum of the credits allowable 
under subpart A (other than this section 
and sections 23 and 25D) and section 27 
for the taxable year. 
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‘‘(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 (determined without regard to subsection (d)). 
‘‘(2) RECAPTURE.—The Secretary shall, by reg-
ulations, provide for recapturing the benefit of any 
credit allowable under subsection (a) with respect to 
any property which ceases to be property eligible for 
such credit. 
‘‘(3) 
PROPERTY
USED
OUTSIDE
UNITED 
STATES, ETC., NOT QUALIFIED.—No credit shall be 
allowed under subsection (a) with respect to any 
property referred to in section 50(b)(1) or with re-
spect to the portion of the cost of any property 
taken into account under section 179. 
‘‘(4) ELECTION
NOT
TO
TAKE
CREDIT.—No 
credit shall be allowed under subsection (a) for any 
conversion of a vehicle if the taxpayer elects to not 
have this section apply to such conversion. 
‘‘(5) DENIAL OF DOUBLE BENEFIT.— 
‘‘(A) If a credit is allowed under section 
30B with respect to a vehicle, not credit shall 
be allowed under this section with respect to 
such vehicle. 
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‘‘(B) No amount taken into account under 
this section shall be allowed as a deduction 
under any other provision of this subtitle. 
‘‘(6) PROPERTY USED BY TAX-EXEMPT ENTITY; 
INTERACTION WITH AIR QUALITY AND MOTOR VEHI-
CLE SAFETY STANDARDS.—Rules similar to the rules 
of paragraphs (6) and (10) of section 30B(h) shall 
apply for purposes of this section.’’. 
(b) CREDIT MADE PART OF GENERAL BUSINESS 
CREDIT.—Section 38(b) of such Code is amended by strik-
ing ‘‘plus’’ at the end of paragraph (32), by striking the 
period at the end of paragraph (33) and inserting ‘‘, plus’’, 
and by adding at the end the following new paragraph: 
‘‘(34) the portion of the motor vehicle conver-
sion credit to which section 30D(d)(1) applies.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 1016(a) of such Code is amended 
by striking ‘‘and’’ at the end of paragraph (35), by 
striking the period at the end of paragraph (36) and 
inserting ‘‘, and’’, and by adding at the end the fol-
lowing new paragraph: 
‘‘(37) to the extent provided in section 
30D(e)(1).’’. 
(2) Section 6501(m) of such Code is amended 
by inserting ‘‘30D(e)(4),’’ after ‘‘30C(e)(5),’’. 
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(3) The table of sections for subpart B of part 
IV of subchapter A of chapter 1 of such Code is 
amended by adding at the end the following new 
item: 
‘‘Sec. 30D. Conversion of gas and diesel propelled motor vehicles propelled by 
alternative fuel, clean fuel, or fuel cells.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2008. 
TITLE III—REFINERY CAPACITY 
STUDY 
SEC. 301. REFINERY CAPACITY STUDY. 
Not later than 90 days after the date of enactment 
of this Act, the Comptroller General shall transmit to Con-
gress a report containing the results of a study of refinery 
capacity in the United States. Such study shall address— 
(1) the impacts United States refinery capacity 
has on gasoline prices; 
(2) regulatory and other barriers to the con-
struction and operation of sufficient United States 
refinery capacity, including possible collusion among 
oil companies; and 
(3) how oil companies use funding received 
from the Federal Government, and whether those 
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Federal dollars expand our domestic oil supply or 
just go to dividends and stock buybacks. 
Æ 
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