Consumer Energy Assistance and Fairness Act of 2005

Bill: 109-hr-4449
Sponsor: Rep. Pallone, Frank, Jr. [D-NJ-6]
Introduced: 2005-12-06 in the House
Policy area: Taxation
Subjects: Access to health care
Aid to dependent children
Cash welfare block grants
Commerce
Economics and Public Finance
Energy
Energy assistance for the poor
Energy efficiency
Energy prices
Excess profits tax
Excise tax
Families
Federal aid to Indians
Federal aid to transportation
Fuel consumption
Gasoline
Government trust funds
Health
Income tax
Labor and Employment
Minorities
Native Americans
Petroleum
Petroleum industry
Social Welfare
Tax credits
Tax deductions
Transportation and Public Works
Vocational and technical education
Welfare eligibility

Summary:
action_date: 2005-12-06
text: 
Consumer Energy Assistance and Fairness Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain integrated oil companies for 50% of their annual net windfall profit. Defines &quot;windfall profit&quot; as the excess of the removal price (sales price) of a barrel of taxable crude oil over its adjusted base price (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.
 
Allows a tax deduction for any windfall profit tax paid under this Act. 
 
Allows a $1,000 tax credit for the purchase of a fuel-efficient motor vehicle (i.e., a vehicle with a fuel economy rating of not less than 30 miles per gallon).
 
Establishes in the Treasury an Energy Assistance Trust Fund to: (1) make grants under the Low-Income Gasoline Assistance Program Act; and (2) carry out the Low-Income Home Energy Assistance Act of 1981. Appropriates to such Fund tax windfall profit tax revenues generated by this Act. 
 
Low-Income Gasoline Assistance Program Act - Directs the Secretary of Health and Human Services to make grants to states to establish emergency assistance programs to enable eligible low-income households to purchase gasoline. 
 
Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act to authorize a state to use funds from any TANF grant to carry out a low-income gasoline assistance program.


Legislative actions:
action_date: 2006-03-27
text: Referred to the Subcommittee on Education Reform.
action_date: 2006-03-27
text: Referred to the Subcommittee on 21st Century Competitiveness.
action_date: 2006-01-03
text: Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
action_date: 2005-12-06
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
action_date: 2005-12-06
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
action_date: 2005-12-06
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
action_date: 2005-12-06
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and the Workforce, 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.
action_date: 2005-12-06
text: Introduced in House
action_date: 2005-12-06
text: Introduced in House