There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/23/2001)

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.