To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to appropriate the proceeds for the Low-Income Home Energy Assistance Program.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Reasonable Energy Price 
Protection Act of 2005''.

SEC. 2. WINDFALL PROFITS TAX.

    (a) In General.--Subtitle E of the Internal Revenue Code of 1986 
(relating to alcohol, tobacco, and certain 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 PRODUCTS 
                                THEREOF

``Sec. 5896. Imposition of tax.

``SEC. 5896. IMPOSITION OF TAX.

    ``(a) In General.--In addition to any other tax imposed under this 
title, there is hereby imposed an excise tax on the sale in the United 
States of any crude oil, natural gas, or other taxable product a tax 
equal to the applicable 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 profit.
            ``(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 exceed 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 exceed 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 `reasonable 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. REASONABLE PROFITS BOARD.

    (a) Establishment.--There is established an independent 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 profit determinations 
for purposes of applying section 5896 of the Internal Revenue Code of 
1986 (relating to windfall profit on crude oil, natural gas, and 
products thereof).
    (c) Advisory Committee.--The Board shall be considered 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 3 members 
        appointed by the President of the United States.
            (2) Term.--Members of the Board shall be appointed 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 duties vested in the Board.
            (2) Travel expenses.--Members shall receive travel 
        expenses, including per diem in lieu of subsistence, 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 determined 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 appointments in the competitive service, and 
        any personnel so appointed may be paid without regard to the 
        provisions 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 Director, the head 
        of any Federal department or agency may detail any of the 
        personnel of that department 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 accordance 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 appropriated such funds as 
are necessary to carry out this section.

SEC. 4. LOW-INCOME HOME ENERGY ASSISTANCE PROGRAM.

    In addition to amounts appropriated pursuant to section 2602 of the 
Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8621), there 
are hereby appropriated to the Secretary of Health and Human Services 
amounts equivalent to the taxes received in the Treasury under section 
5896 of the Internal Revenue Code of 1986. Amounts appropriated under 
the preceding sentence shall be available for allocation under section 
2604(a)(1)(A) of such Act (42 U.S.C. 8623(a)(1)(A)).

Summary: Consumer Reasonable Energy Price Protection Act of 2005 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or fuel which is the product of crude oil or natural gas. Defines "windfall profit" as so much of the profit as exceeds a reasonable profit. Establishes a Reasonable Profits Board to determine reasonable profit. Dedicates the proceeds of such tax to the low-income home energy assistance program.