Energy Independence Through Presidential Leadership Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Energy Independence Through 
Presidential Leadership Act''.

SEC. 2. PRESIDENTIAL LEADERSHIP TO ENACT COMPREHENSIVE ENERGY POLICY.

    (a) Congressional Findings.--The Congress finds that:
            (1) The United States increasingly depends on foreign 
        nations to supply its energy needs.
            (2) That dependence leaves the United States increasingly 
        vulnerable to the whims of foreign nations and constitutes a 
        grave and worsening threat to our national security and our 
        economy.
            (3) Lessening this dependence is not easy, and it cannot be 
        done in a short period of time.
            (4) The United States can lessen its dependence over a 
        longer period of time by enacting a comprehensive energy policy 
        designed to address the numerous elements of the problem. Those 
        elements include: increased domestic energy production 
        consistent with reasonable environmental guidelines, increased 
        domestic refining and transportation capacity consistent with 
        reasonable environmental guidelines, increased diplomatic 
        pressure on foreign nations that produce oil, increased energy 
        efficiency of engines and generation facilities, increased use 
        of renewable energy sources throughout our economy, and a 
        reformed excise tax structure.
            (5) Because the elements of a comprehensive energy policy 
        are so varied--involving many groups within society and the 
        jurisdiction of many government agencies and congressional 
        committees--Congress can only enact such a policy with 
        committed leadership from the President.
            (6) In the meantime, Congress and the President should 
        provide some minimal relief for consumers hit by high gasoline 
        prices.
    (b) Sense of Congress Resolution.--It is the sense of Congress that 
the President should take immediate and appropriate action to lead the 
United States in developing and enacting a comprehensive energy policy 
to lessen our dependence on foreign nations to supply our energy needs.

SEC. 3. IMMEDIATE CONSUMER RELIEF THROUGH REPEAL OF DEFICIT REDUCTION 
              TAX.

    (a) Highway Gasoline.--Clause (i) of section 4081(a)(2)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``18.3 cents'' and 
inserting ``14 cents''.
    (b) Diesel Fuel and Kerosene.--Clause (iii) of section 
4081(a)(2)(A) of such Code is amended by striking ``24.3 cents'' and 
inserting ``20 cents''.
    (c) Technical Amendments.--
            (1) Subparagraph (B) of section 40(e)(1) of such Code is 
        amended by striking ``during which the rates of tax under 
        section 4081(a)(2)(A) are 4.3 cents per gallon'' and inserting 
        ``during which the rate of tax under section 4081(a)(2)(A)(i) 
        does not apply''.
            (2) Clauses (i) and (ii) of section 4041(m)(1)(A) of such 
        Code are amended to read as follows:
                            ``(i) 7 cents per gallon on and after the 
                        date of the enactment of this clause and before 
                        October 1, 2005, and
                            ``(ii) zero after September 30, 2005, 
                        and''.
            (3) Subsection (c) of section 4081 of such Code is amended 
        by striking paragraph (6) and by redesignating paragraphs (7) 
        and (8) as paragraphs (6) and (7), respectively.
            (4) Paragraph (1) of section 4081(d) of such Code is 
        amended by striking ``4.3 cents per gallon'' and inserting 
        ``zero''.
    (d) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
    (e) Floor Stock Refunds.--
            (1) In general.--If--
                    (A) before the date of the enactment of this Act, 
                tax has been imposed under section 4081 of the Internal 
                Revenue Code of 1986 on any liquid, and
                    (B) on such date such liquid is held by a dealer 
                and has not been used and is intended for sale,
        there shall be credited or refunded (without interest) to the 
        person who paid such tax (hereafter in this subsection referred 
        to as the ``taxpayer'') an amount equal to the excess of the 
        tax paid by the taxpayer over the amount of such tax which 
        would be imposed on such liquid had the taxable event occurred 
        on such date.
            (2) Time for filing claims.--No credit or refund shall be 
        allowed or made under this subsection unless--
                    (A) claim therefor is filed with the Secretary of 
                the Treasury before the date which is 6 months after 
                the date of the enactment of this Act, based on a 
                request submitted to the taxpayer before the date which 
                is 3 months after such date of enactment, by the dealer 
                who held the liquid on such date of enactment, and
                    (B) the taxpayer has repaid or agreed to repay the 
                amount so claimed to such dealer or has obtained the 
                written consent of such dealer to the allowance of the 
                credit or the making of the refund.
            (3) Exception for fuel held in retail stocks.--No credit or 
        refund shall be allowed under this subsection with respect to 
        any liquid in retail stocks held at the place where intended to 
        be sold at retail.
            (4) Definitions.--For purposes of this subsection, the 
        terms ``dealer'' and ``held by a dealer'' have the respective 
        meanings given to such terms by section 6412 of such Code.
            (5) Certain rules to apply.--Rules similar to the rules of 
        subsections (b) and (c) of section 6412 of such Code shall 
        apply for purposes of this subsection.

Summary: Amends the Internal Revenue Code to lower, by 4.3 cents, the tax on highway gasoline and diesel fuel and kerosene.