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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Energy Fraud and Fairness Reform
Act''.

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 Intercontinental 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 allowed for alternative fuel
vehicle refueling property) is amended by striking ''30 percent'' and
inserting ''50 percent''.
(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 PROPELLED MOTOR VEHICLES
TO VEHICLES PROPELLED BY ALTERNATIVE FUEL, CLEAN FUEL, OR
FUEL CELLS.

(a) In General.--Subpart B of part IV of subchapter 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 ALTERNATIVE FUEL, CLEAN FUEL, OR FUEL CELLS.

''(a) Allowance of Credit.--There shall be allowed 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 conversion
commences with the taxpayer, and
''(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 gasoline or diesel fuel to a
vehicle that is propelled by alternative fuel, clean fuel, or
fuel cells.
''(2) Alternative fuel.--The term 'alternative fuel' has
the meaning given such term by section 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 vehicle' 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 taxable year (determined without regard
to this subsection) that is attributable to property of a
character 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 allowed 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 liability
(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.
''(d) Special Rules.--
''(1) Basis reduction.--The basis of any property for which
a credit is allowable under subsection (a) shall be reduced by
the amount of such credit (determined without regard to
subsection (d)).
''(2) Recapture.--The Secretary shall, by regulations,
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 respect 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.
''(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 vehicle 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 striking ''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 conversion 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 following 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),''.
(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 Congress 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 construction 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 Federal dollars expand our
domestic oil supply or just go to dividends and stock buybacks.
Energy Fraud and Fairness Reform Act - Directs the Federal Trade Commission (FTC) to investigate and report to Congress on whether the price of gasoline is being artificially manipulated by speculation in the oil markets, specifically at the Intercontinental Exchange in Atlanta, Georgia.

Amends the Internal Revenue Code to increase the alternative fuel vehicle refueling property credit from 30% to 50% of the cost of such a property placed in service by a taxpayer during the year.

Allows a tax credit for conversion of gas and diesel propelled motor vehicles to vehicles propelled by alternative fuel, clean fuel, or fuel cells.

Requires the Comptroller General of the United States to study and report to Congress on the refinery capacity of the United States.