H.R.6000 - Gas Price Spike Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Kucinich, Dennis J. [D-OH-10] (Introduced 05/08/2008)|
|Committees:||House - Transportation and Infrastructure; Ways and Means|
|Latest Action:||05/09/2008 Referred to the Subcommittee on Highways and Transit.|
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Summary: H.R.6000 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (05/08/2008)
Gas Price Spike Act of 2008 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or products of crude oil or natural gas. Defines "windfall profit" as so much of the profit on a sale of crude oil, natural gas, or related products as exceeds a reasonable profit. Establishes the Reasonable Profits Board to determine levels of reasonable profit from the sale of such products.
Allows a tax credit for the purchase of certain fuel-efficient, American-made passenger vehicles.
Authorizes the Secretary of Transportation to make grants to operators of mass transit systems, including bus and commuter rail systems, to reduce passenger fares on such systems.