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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Gas Price Spike Act of 2001''.

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 55--WINDFALL PROFIT ON CRUDE OIL, NATURAL GAS, AND PRODUCTS
THEREOF

''Sec. 5886. Imposition of tax.

''SEC. 5886. 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 55. 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. CREDIT FOR PURCHASING FUEL EFFICIENT AMERICAN-MADE PASSENGER
VEHICLES.

(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25A the
following new section:

''SEC. 25B. PURCHASE OF FUEL-EFFICIENT AMERICAN-MADE PASSENGER
VEHICLES.

''(a) In General.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the
taxable year an amount equal to the cost of any qualified passenger
vehicle purchased by the taxpayer during the taxable year.
''(b) Maximum Credit.--The credit allowed by this section for the
taxable year shall not exceed--
''(1) $3,000 in the case of a qualified passenger vehicle
not described in paragraph (2) or (3),
''(2) $4,500 in the case of a qualified passenger vehicle
the fuel economy of which is--
''(A) in the case a truck or sport utility vehicle,
at least 45 miles per gallon but less than 55 miles per
gallon, and
''(B) in any other case, at least 55 miles per
gallon but less than 65 miles per gallon, and
''(3) $6,000 in the case of a qualified passenger vehicle
the fuel economy of which is--
''(A) in the case a truck or sport utility vehicle,
at least 55 miles per gallon, and
''(B) in any other case, at least 65 miles per
gallon.
''(c) Qualified Passenger Vehicle.--For purposes of this section--
''(1) In general.--The term 'qualified automobile' means
any automobile (as defined in section 4064(b))--
''(A) which is purchased after the date of the
enactment of this section,
''(B) which is assembled in the United States by
individuals employed under a collective bargaining
agreement,
''(C) the original use of which begins with the
taxpayer,
''(D) substantially all of the use of which is for
personal, nonbusiness purposes, and
''(E) the fuel economy of such automobile is--
''(i) at least 35 miles per gallon in the
case a truck or sport utility vehicle, and
''(ii) at least 45 miles per gallon in any
other case.
''(2) Fuel economy.--Fuel economy shall be determined in
accordance with section 4064.
''(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.
''(2) Property used outside united states not qualified.--
No credit shall be allowed under subsection (a) with respect to
any property referred to in section 50(b).''
(b) Clerical Amendment.--The table of sections for such subpart A
is amended by inserting after the item relating to section 25A the
following new item:

''Sec. 25B. Purchase of fuel-efficient
American-made passenger
vehicles.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.

SEC. 4. MASS TRANSIT FARE REDUCTIONS DURING GAS PRICE SPIKES.

(a) In General.--The Secretary of Transportation may make grants to
the operator of a mass transit system to assist the operator in
reducing fares paid by passengers using the system.
(b) Use of Grants.--Grants received under the program shall be used
solely for implementing a fare reduction described in subsection (a)
that is applied equally to all passengers using the mass transit
system.
(c) Mass Transit System Defined.--In this section, the term ''mass
transit system'' includes bus and commuter rail systems.
(d) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section in a fiscal year amounts
equivalent to the excess (if any) of--
(1) the revenues received during the preceding fiscal year
pursuant to chapter 55 of the Internal Revenue Code of 1986
(relating to windfall profit on crude oil and refined petroleum
products), over
(2) the revenue cost for such fiscal year of section 25B of
such Code (relating to purchase of fuel-efficient American-made
passenger vehicles).
Amounts authorized under the preceding sentence shall remain available
until expended.

SEC. 5. 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 5886 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. 6. LOWER GASOLINE PRICES THROUGH TECHNOLOGY ACCESS.

Section 308 of the Clean Air Act (42 U.S.C. 7608) is amended by
striking ''or 202'' and inserting ''202, or 211''.
Gas Price Spike Act of 2001 - Amends the Internal Revenue Code to impose an excise tax on the sale of any crude oil, natural gas, or products thereof a tax equal to the applicable percentage of the windfall profit on such sale. Defines "applicable percentage."Establishes a credit for the purchase of U.S.- made fuel efficient passenger vehicles.Authorizes the Secretary of Transportation to make grants to the operator of a mass transit system to assist the operator in reducing fares paid by passengers using the system which shall be paid for by revenues from the windfall profits tax.Establishes an independent board to be known as the Reasonable Profits Board to make reasonable profit determinations with respect to the windfall profit tax.