HR 1347

112th CONGRESS
1st Session

H. R. 1347

To combat international oil price fixing and to amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax of at least $1,000 to offset high 2011 gasoline and diesel fuel prices.

IN THE HOUSE OF REPRESENTATIVES

April 4, 2011

Mr. CHABOT introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To combat international oil price fixing and to amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax of at least $1,000 to offset high 2011 gasoline and diesel fuel prices.

SECTION 1. SHORT TITLE.

TITLE I--INTERNATIONAL OIL PRICE FIXING

SEC. 101. PROHIBITION ON BILATERAL ASSISTANCE AND ARMS EXPORTS TO MAJOR OIL EXPORTING COUNTRIES ENGAGED IN PRICE FIXING.

SEC. 102. DEFINITIONS.

TITLE II--NONREFUNDABLE CREDIT TO OFFSET HIGH 2011 GASOLINE AND DIESEL FUEL PRICES

SEC. 201. CREDIT AGAINST INCOME TAX TO OFFSET HIGH 2011 GASOLINE AND DIESEL FUEL PRICES.

`SEC. 6433. NONREFUNDABLE CREDIT TO OFFSET HIGH 2011 GASOLINE AND DIESEL FUEL PRICES.

END