H.R. 2480 · 110th Congress
Gas Price Relief Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HillSponsor3 cosponsors · 3 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to suspend certain federal motor fuel excise taxes until the average price of unleaded regular gasoline is less than $3.00 per gallon for a period of six consecutive months (suspension period).
What it does: CRS summary · Introduced in House · May 24, 2007
Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to suspend certain federal motor fuel excise taxes until the average price of unleaded regular gasoline is less than $3.00 per gallon for a period of six consecutive months (suspension period). Provides for adjustments to such excise taxes for floor stocks of motor fuels held by dealers prior to or after the suspension period.
Repeals provisions allowing a taxpayer election to expense the cost of qualified refinery property. Transfers to the Highway Trust Fund increased tax revenues resulting from such repeal.
Requires the Federal Trade Commission (FTC) to monitor gasoline prices in the United States and to report to Congress on its findings.
Requires the Speaker of the House of Representatives to establish a Commission on Gas Price Relief to study the causes of high oil prices.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Gas Price Relief Act of 2007
Latest action (May 24, 2007): Referred to the Subcommittee on Energy and Air Quality.
Policy area: Energy · Origin: House · Introduced: May 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.