110 HR 6222 IH: Working Families Gas Tax Credit Act of
U.S. House of Representatives
2008-06-10
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the
Working Families Gas Tax Credit Act of
2008
.
2.Credit for gasoline
and diesel fuel used in highway vehicles for nonbusiness purposes
(a)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 adding after section 25D the
following new section:
25E.Credit for
gasoline and diesel fuel used in highway vehicles for nonbusiness
purposes
(a)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 aggregate qualified taxable
fuel expenditures made by the taxpayer during such year.
(b)The
credit allowed under subsection (a) for a taxable year shall not exceed $500
($1,000 in the case of a joint return).
(c)Qualified
taxable fuel expendituresFor purposes of this section—
(1)The term qualified taxable fuel expenditures
means amounts paid for a taxable fuel (as defined by section 4083(a) (without
regard to paragraph (1)(C) thereof) for a nonbusiness use in a highway
vehicle.
(2)Such
term does not include amounts paid for any fuel with respect to which a credit
is allowed under section 34 or a refund allowed under section 6420, 6421, or
6427.
(d)Limitation based
on modified adjusted gross incomeThe amount which would (but for this
subsection) be taken into account under subsection (a) for the taxable year
shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s
adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint
return).
(e)Rate of increase
in price of a gallon of gasoline must exceed rate of inflation by not less than
300 percent
(1)Subsection (a) shall not apply for any taxable year unless
the Secretary determines that the percentage change in the price of a gallon of
gasoline for the taxable year is not less than 300 percent of the change in the
inflation rate for such taxable year.
(2)Percentage change
in the price of a gallon of gasolineFor purposes of paragraph (1), the
percentage change in the price of a gallon of gasoline for a taxable year is
the percentage (if any) by which—
(A)the average price of a gallon of gasoline
as of the close of the taxable year, exceeds
(B)the average price of a gallon gasoline as
of the beginning of the taxable year.
(3)For purposes of
paragraph (1), the inflation rate for the determination period is the
percentage (if any) by which—
(A)the average of the Consumer Price Index as
of the close of the taxable year, exceeds
(B)the average of the Consumer Price Index as
of the beginning of the taxable year.
(4)Price of a
gallon of gasolineFor purposes of this subsection, the price of
a gallon of gasoline shall be as determined under the U.S. Regular All
Formulations Retail Gasoline Prices by the Energy Information Administration of
the Department of Energy.
(5)For the purposes of this subsection, the term
Consumer Price Index means the last Consumer Price Index for
all-urban consumers published by the Department of Labor. For purposes of the
preceding sentence, the revision of the Consumer Price Index which is most
consistent with the Consumer Price Index for calendar year 1986 shall be
used.
(f)Adjustments for
inflationIn the case of a
taxable year beginning after December 31, 2008, each of the dollar amounts in
subsection (b) and (d) shall be increased by an amount equal to—
(1)such dollar
amount, multiplied by
(2)the cost-of-living
adjustment determined under section 1(f)(3) for the calendar year in which the
taxable year begins, determined by substituting calendar year
2007
for calendar year 1992
in subparagraph (B) thereof.
If any amount as increased under the preceding sentence is not a multiple of
$50, such amount shall be rounded to the nearest multiple of $50.
If, in
the case of any amount in subsection (b) as increased under the preceding
sentence, is not a multiple of $10, such amount shall be rounded to the nearest
multiple of $10, and if, in the case of any amount in subsection (d) as
increased under the preceding sentence, is not a multiple of $100, such amount
shall be rounded to the nearest multiple of $100.(g)Not
later than January 31 of each year, the Secretary shall promulgate such
guidance as may be necessary or appropriate to carry out the provisions of this
section with respect to the preceding taxable
year.
.
(b)The table of sections for subpart A of such part IV is
amended by inserting after the item relating to section 25D the following new
item:
Sec. 25E. Credit for gasoline and diesel fuel used in highway
vehicles for nonbusiness
purposes.
.
(c)The amendments made by this section shall apply to taxable
years beginning after December 31, 2007.