H.R.3944 - Small Business Fuel Cost Relief Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Allen, Thomas H. [D-ME-1] (Introduced 09/29/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/29/2005 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3944 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (09/29/2005)
Small Business Fuel Cost Relief Act of 2005 - Amends the Internal Revenue Code to allow certain commercial farmers, fishermen, and small business owners a temporary two-year business tax credit for excessive fuel cost (i.e., for gasoline, diesel fuel, heating oil, and natural gas. Defines "excessive fuel cost" as the amount currently paid for fuel over the Labor Day 2004 price for such fuel, adjusted for inflation.
Allows taxpayers a standard automobile mileage allowance of 60 cents per mile in lieu of the tax credit provided by this Act.