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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Consumer Windfall Excess Oil Profits
Protection Act of 2005''.

SEC. 2. WINDFALL PROFITS TAX ON CRUDE OIL, NATURAL GAS, AND PRODUCTS
THEREOF.

(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 PROFITS ON CRUDE OIL, NATURAL GAS, AND PRODUCTS
THEREOF

''Sec. 5896. Imposition of tax.
''Sec. 5897. Windfall profit; etc.
''Sec. 5898. Special rules and definitions.

''SEC. 5896. IMPOSITION OF TAX.

''In addition to any other tax imposed under this title, there is
hereby imposed on every taxpayer an excise tax in an amount equal to 50
percent of the windfall profit for any taxable year from--
''(1) sales of any crude oil, natural gas, or other taxable
product thereof, and
''(2) net gains from transactions of an interest the price
of which is determined in whole or in part by reference to the
price of crude oil, natural gas, or other taxable product
thereof.

''SEC. 5897. WINDFALL PROFIT; ETC.

''(a) General Rule.--For purposes of this chapter, the term
'windfall profit' means the excess of--
''(1) the adjusted taxable income of the taxpayer for the
taxable year, over
''(2) the reasonably inflated average profit for such
taxable year.
''(b) Adjusted Taxable Income.--For purposes of this chapter, with
respect to any taxpayer, the adjusted taxable income for any taxable
year is equal to the taxable income for such taxable year (within the
meaning of section 63 and determined without regard to this
subsection)--
''(1) increased by any interest expense deduction,
charitable contribution deduction, and any net operating loss
deduction carried forward from any prior taxable year, and
''(2) reduced by any interest income, dividend income, and
net operating losses to the extent such losses exceed taxable
income for the taxable year.
In the case of any taxpayer which is a foreign corporation, the
adjusted taxable income shall be determined with respect to such income
which is effectively connected with the conduct of a trade or business
in the United States.
''(c) Reasonably Inflated Average Profit.--For purposes of this
chapter, with respect to any applicable taxpayer, the reasonably
inflated average profit for any taxable year is an amount equal to the
average of the adjusted taxable income of such taxpayer for taxable
years beginning during the 2000-2004 taxable year period (determined
without regard to the taxable year with the highest adjusted taxable
income in such period) plus 10 percent of such average.
''(d) Taxable Product Thereof.--The term 'taxable product thereof'
means any fuel which is a product of crude oil or natural gas.

''SEC. 5898. SPECIAL RULES AND DEFINITIONS.

''(a) Withholding and Deposit of Tax.--The Secretary shall provide
such rules as are necessary for the withholding and deposit of the tax
imposed under section 5896.
''(b) Records and Information.--Each taxpayer liable for tax under
section 5896 shall keep such records, make such returns, and furnish
such information as the Secretary may by regulations prescribe.
''(c) Return of Windfall Profit Tax.--The Secretary shall provide
for the filing and the time of such filing of the return of the tax
imposed under section 5896.
''(d) Businesses Under Common Control.--For purposes of this
chapter, all members of the same controlled group of corporations
(within the meaning of section 267(f)) and all persons under common
control (within the meaning of section 52(b) but determined by treating
an interest of more than 50 percent as a controlling interest) shall be
treated as 1 person.
''(e) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
chapter.''.
(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 profits on crude oil, natural gas, and products
thereof''.

(c) Deductibility of Windfall Profit Tax.--The first sentence of
section 164(a) of such Code (relating to deduction for taxes) is
amended by inserting after paragraph (5) the following new paragraph:
''(6) The windfall profit tax imposed by section 5896.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning in 2005 or 2006.

SEC. 3. USE OF PROCEEDS FROM WINDFALL PROFITS ON CRUDE OIL, NATURAL
GAS, AND PRODUCTS THEREOF.

There are hereby appropriated amounts equivalent to the taxes
received in the Treasury under chapter 56 of the Internal Revenue Code
of 1986, as follows:
(1) 50 percent of such amounts, which shall be available
only for carrying out the Low-Income Home Energy Assistance Act
of 1981, and
(2) 50 percent of such amounts, which shall be credited to
the current appropriation of the Department of Veterans Affairs
that is available for medical services.
Consumer Windfall Excess Oil Profits Protection Act of 2005 - Amends the Internal Revenue Code to impose an excise tax of 50 percent on the windfall profit from sales of any crude oil, natural gas, or related products and the net gains from transactions related to the price of crude oil, natural gas, or related products. Defines "windfall profit" as the excess of taxpayer adjusted taxable income over the reasonably inflated average profit for the taxable year (average of taxpayer adjusted taxable income for 2000-2004, plus 10 percent of such average).

Allows a tax deduction for the payment of any such windfall profit tax.

Appropriates equal amounts of the windfall profit tax generated by this Act to carry out the Low-Income Home Energy Assistance Act of 1981 and to increase funding for Department of Veterans Affairs medical services.