text: SECTION 1. HIGHWAY FUEL TAX SUSPENSION.
  
      (a) Temporary Suspension of Highway Fuel Taxes on Gasoline and 
  Diesel Fuel.--
              (1) In general.--Section 4081 of the Internal Revenue Code 
          of 1986 (relating to imposition of tax on gasoline, diesel 
          fuel, and kerosene) is amended by adding at the end the 
          following new subsection:
      ``(f) Temporary Suspension of Taxes on Gasoline and Diesel Fuel.--
              ``(1) In general.--During the applicable period, each rate 
          of tax referred to in paragraph (2) shall be reduced to zero 
          cents per gallon.
              ``(2) Rates of tax.--The rates of tax referred to in this 
          paragraph are--
                      ``(A) the rate of tax otherwise applicable to 
                  gasoline under clause (i) of subsection (a)(2)(A), 
                  determined with regard to subsection (a)(2)(B),
                      ``(B) the rate of tax otherwise applicable to 
                  diesel fuel under clause (iii) of subsection (a)(2)(A), 
                  determined with regard to subsection (a)(2)(B), and
                      ``(C) the rate of tax otherwise applicable to 
                  diesel fuel under paragraph (1) of section 4041(a) with 
                  respect to fuel sold for use or used in a diesel-
                  powered highway vehicle.
              ``(3) Applicable period.--For purposes of this subsection, 
          the term `applicable period' means the period beginning on May 
          26, 2008, and ending on September 1, 2008.
              ``(4) Maintenance of trust fund deposits.--In determining 
          the amounts to be appropriated to the Highway Trust Fund under 
          section 9503 and to the Leaking Underground Storage Tank Trust 
          Fund under 9508, an amount equal to the reduction in revenues 
          to the Treasury by reason of this subsection shall be treated 
          as taxes received in the Treasury under this section or section 
          4041.''.
              (2) Effective date.--The amendment made by this subsection 
          shall take effect on the date of the enactment of this Act.
      (b) Floor Stock Refunds.--
              (1) In general.--If--
                      (A) before the tax suspension date, a tax referred 
                  to in section 4081(f)(2) of the Internal Revenue Code 
                  of 1986 has been imposed under such Code on any liquid, 
                  and
                      (B) on such date such liquid is held by a dealer 
                  and has not been used and is intended for sale,
          there shall be credited or refunded (without interest) to the 
          person who paid such tax (hereafter in this subsection referred 
          to as the ``taxpayer''), against the taxpayer's subsequent 
          semi-monthly deposit of such tax, an amount equal to the excess 
          of the tax paid by the taxpayer over the amount of such tax 
          which would be imposed on such liquid had the taxable event 
          occurred on the tax suspension date.
              (2) Time for filing claims; certifications necessary to 
          file claims.--
                      (A) In general.--No credit or refund shall be 
                  allowed or made under this subsection--
                              (i) unless claim therefore is filed with 
                          the Secretary before the date which is 6 months 
                          after the tax suspension date, and
                              (ii) in any case where liquid is held by a 
                          dealer (other than the taxpayer) on the tax 
                          suspension date, unless the taxpayer files with 
                          the Secretary--
                                      (I) a certification that the 
                                  taxpayer has given a credit to such 
                                  dealer with respect to such liquid 
                                  against the dealer's first purchase of 
                                  liquid from the taxpayer subsequent to 
                                  the tax suspension date, and
                                      (II) a certification by such dealer 
                                  that such dealer has given a credit to 
                                  a succeeding dealer (if any) with 
                                  respect to such liquid against the 
                                  succeeding dealer's first purchase of 
                                  liquid from such dealer subsequent to 
                                  the tax suspension date.
                      (B) Reasonableness of claims certified.--Any 
                  certification made under subparagraph (A) shall include 
                  an additional certification that the claim for credit 
                  was reasonably based on the taxpayer's or dealer's past 
                  business relationship with the succeeding dealer.
              (3) Definitions.--For purposes of this subsection--
                      (A) the terms ``dealer'' and ``held by a dealer'' 
                  have the respective meanings given to such terms by 
                  section 6412 of such Code; except that the term 
                  ``dealer'' includes a producer, and
                      (B) the term ``tax suspension date'' means May 26, 
                  2008.
              (4) Certain rules to apply.--Rules similar to the rules of 
          subsections (b) and (c) of section 6412 of such Code shall 
          apply for purposes of this subsection.
      (c) Floor Stocks Tax.--
              (1) Imposition of tax.--In the case of any liquid on which 
          tax would have been imposed under section 4081 of the Internal 
          Revenue Code of 1986 during the applicable period but for the 
          amendment made by subsection (a), and which is held on the 
          floor stocks tax date by any person, there is hereby imposed a 
          floor stocks tax in an amount equal to the tax which would be 
          imposed on such liquid had the taxable event occurred on the 
          floor stocks tax date.
              (2) Liability for tax and method of payment.--
                      (A) Liability for tax.--A person holding a liquid 
                  on the floor stocks tax date to which the tax imposed 
                  by paragraph (1) applies shall be liable for such tax.
                      (B) Method of payment.--The tax imposed by 
                  paragraph (1) shall be paid in such manner as the 
                  Secretary shall prescribe.
                      (C) Time for payment.--The tax imposed by paragraph 
                  (1) shall be paid on or before the date which is 6 
                  months after the floor stocks tax date.
              (3) Definitions.--For purposes of this subsection--
                      (A) Held by a person.--A liquid shall be considered 
                  as ``held by a person'' if title thereto has passed to 
                  such person (whether or not delivery to the person has 
                  been made).
                      (B) Gasoline and diesel fuel.--The terms 
                  ``gasoline'' and ``diesel fuel'' have the respective 
                  meanings given such terms by section 4083 of such Code.
                      (C) Floor stocks tax date.--The term ``floor stocks 
                  tax date'' means September 2, 2008.
                      (D) Applicable period.--The term ``applicable 
                  period'' means the period described in section 
                  4081(f)(3) of such Code.
              (4) Exception for exempt uses.--The tax imposed by 
          paragraph (1) shall not apply to gasoline or diesel fuel held 
          by any person exclusively for any use to the extent a credit or 
          refund of the tax imposed by section 4081 of such Code is 
          allowable for such use.
              (5) Exception for fuel held in vehicle tank.--No tax shall 
          be imposed by paragraph (1) on gasoline or diesel fuel held in 
          the tank of a motor vehicle.
              (6) Exception for certain amounts of fuel.--
                      (A) In general.--No tax shall be imposed by 
                  paragraph (1)--
                              (i) on gasoline (other than aviation 
                          gasoline) held on the floor stocks tax date by 
                          any person if the aggregate amount of gasoline 
                          held by such person on such date does not 
                          exceed 4,000 gallons, and
                              (ii) on diesel fuel held on such date by 
                          any person if the aggregate amount of diesel 
                          fuel held by such person on such date does not 
                          exceed 2,000 gallons.
                  The preceding sentence shall apply only if such person 
                  submits to the Secretary (at the time and in the manner 
                  required by the Secretary) such information as the 
                  Secretary shall require for purposes of this 
                  subparagraph.
                      (B) Exempt fuel.--For purposes of subparagraph (A), 
                  there shall not be taken into account fuel held by any 
                  person which is exempt from the tax imposed by 
                  paragraph (1) by reason of paragraph (4) or (5).
                      (C) Controlled groups.--For purposes of this 
                  paragraph--
                              (i) Corporations.--
                                      (I) In general.--All persons 
                                  treated as a controlled group shall be 
                                  treated as 1 person.
                                      (II) Controlled group.--The term 
                                  ``controlled group'' has the meaning 
                                  given to such term by subsection (a) of 
                                  section 1563 of such Code; except that 
                                  for such purposes the phrase ``more 
                                  than 50 percent'' shall be substituted 
                                  for the phrase ``at least 80 percent'' 
                                  each place it appears in such 
                                  subsection.
                              (ii) Nonincorporated persons under common 
                          control.--Under regulations prescribed by the 
                          Secretary, principles similar to the principles 
                          of clause (i) shall apply to a group of persons 
                          under common control where 1 or more of such 
                          persons is not a corporation.
              (7) Other law applicable.--All provisions of law, including 
          penalties, applicable with respect to the taxes imposed by 
          section 4081 of such Code shall, insofar as applicable and not 
          inconsistent with the provisions of this paragraph, apply with 
          respect to the floor stock taxes imposed by paragraph (1) to 
          the same extent as if such taxes were imposed by such section 
          4081.
      (d) Secretary.--For purposes of this section, the term 
  ``Secretary'' means the Secretary of the Treasury or the Secretary's 
  delegate.
      (e) Passthrough to Consumers.--
              (1) Sense of congress.--It is the senses of Congress that--
                      (A) consumers immediately receive the benefit of 
                  the reduction in taxes resulting from the amendment 
                  made by subsection (a), and
                      (B) transportation motor fuels producers and other 
                  dealers take such actions as necessary to reduce 
                  transportation motor fuels prices to reflect such 
                  reduction, including immediate credits to customer 
                  accounts representing tax refunds allowed as credits 
                  against excise tax deposit payments under the floor 
                  stocks refund provisions of subsection (b).
              (2) Study and enforcement.--The Federal Trade Commission 
          and the Commodities Futures Trading Commission shall use all 
          applicable authorities to monitor oil, diesel, and gasoline 
          markets to ensure that the benefit of the reduction in taxes 
          resulting from the amendment made by subsection (a) is received 
          by consumers.
  
  SEC. 2. TEMPORARY OIL PROFIT FEE.
  
      (a) In General.--Subtitle E of the Internal Revenue Code of 1986 
  (relating to alcohol, tobacco, and certain other excise taxes) is 
  amended by adding at the end thereof the following new chapter:
  
              ``CHAPTER 56--TEMPORARY FEE ON EXCESS OIL PROFIT
  
  ``Sec. 5896. Imposition of fee.
  ``Sec. 5897. Excess profit; etc.
  ``Sec. 5898. Special rules and definitions.
  
  ``SEC. 5896. IMPOSITION OF FEE.
  
      ``(a) In General.--In addition to any other tax imposed under this 
  title, there is hereby imposed on any applicable taxpayer an excise fee 
  in an amount equal to 50 percent of the excess profit of such taxpayer 
  for any taxable year beginning during 2008.
      ``(b) Applicable Taxpayer.--For purposes of this chapter, the term 
  `applicable taxpayer' means, with respect to operations in the United 
  States--
              ``(1) any integrated oil company (as defined in section 
          291(b)(4)), and
              ``(2) any other producer or refiner of crude oil with gross 
          receipts from the sale of such crude oil or refined oil 
          products for the taxable year exceeding $1,000,000,000.
  
  ``SEC. 5897. EXCESS PROFIT; ETC.
  
      ``(a) General Rule.--For purposes of this chapter, the term `excess 
  profit' means the excess of the adjusted taxable income of the 
  applicable taxpayer for the taxable year over the reasonably inflated 
  average profit for such taxable year.
      ``(b) Adjusted Taxable Income.--For purposes of this chapter, with 
  respect to any applicable taxpayer, the adjusted taxable income for any 
  taxable year is equal to the taxable income for such taxable year 
  (within the meaning of section 63 and determined without regard to this 
  subsection) increased by any interest expense deduction, charitable 
  contribution deduction, and any net operating loss deduction carried 
  forward from any prior taxable year. In the case of any applicable 
  taxpayer which is a foreign corporation, the adjusted taxable income 
  shall be determined with respect to such income which is effectively 
  connected with the conduct of a trade or business in the United States.
      ``(c) Reasonably Inflated Average Profit.--For purposes of this 
  chapter, with respect to any applicable taxpayer, the reasonably 
  inflated average profit for any taxable year is an amount equal to the 
  average of the adjusted taxable income of such taxpayer for taxable 
  years beginning during the 2000-2004 taxable year period (determined 
  without regard to the taxable year with the highest adjusted taxable 
  income in such period) plus 10 percent of such average.
  
  ``SEC. 5898. SPECIAL RULES AND DEFINITIONS.
  
      ``(a) Withholding and Deposit of Fee.--The Secretary shall provide 
  such rules as are necessary for the withholding and deposit of the fee 
  imposed under section 5896.
      ``(b) Records and Information.--Each taxpayer liable for tax under 
  section 5896 shall keep such records, make such returns, and furnish 
  such information as the Secretary may by regulations prescribe.
      ``(c) Return of Fee.--The Secretary shall provide for the filing 
  and the time of such filing of the return of the fee imposed under 
  section 5896.
      ``(d) Crude Oil.--The term `crude oil' includes crude oil 
  condensates and natural gasoline.
      ``(e) Businesses Under Common Control.--For purposes of this 
  chapter, all members of the same controlled group of corporations 
  (within the meaning of section 267(f)) and all persons under common 
  control (within the meaning of section 52(b) but determined by treating 
  an interest of more than 50 percent as a controlling interest) shall be 
  treated as 1 person.
      ``(f) Regulations.--The Secretary shall prescribe such regulations 
  as may be necessary or appropriate to carry out the purposes of this 
  chapter.''.
      (b) Clerical Amendment.--The table of chapters for subtitle E of 
  the Internal Revenue Code of 1986 is amended by adding at the end the 
  following new item:
  
            ``Chapter 56--Temporary Fee on Excess Oil Profit''.
  
      (c) Deductibility of Fee.--The first sentence of section 164(a) of 
  the Internal Revenue Code of 1986 (relating to deduction for taxes) is 
  amended by inserting after paragraph (5) the following new paragraph:
              ``(6) The fee imposed by section 5896.''.
      (d) Effective Date.--The amendments made by this section shall 
  apply to taxable years beginning in 2008.
  
  SEC. 3. SUSPENSION OF PETROLEUM ACQUISITION FOR STRATEGIC PETROLEUM 
                RESERVE.
  
      (a) In General.--Except as provided in subsection (b) and 
  notwithstanding any other provision of law, during the period beginning 
  on the date of enactment of this Act and ending on December 31, 2008, 
  the Secretary of Energy shall suspend acquisition of petroleum for the 
  Strategic Petroleum Reserve through the royalty-in-kind program or any 
  other acquisition method.
      (b) Resumption.--The Secretary of Energy may resume acquisition of 
  petroleum for the Strategic Petroleum Reserve through the royalty-in-
  kind program or any other acquisition method under subsection (a) not 
  earlier than 30 days after the date on which the Secretary notifies 
  Congress that the Secretary has determined that the weighted average 
  price of petroleum in the United States for the most recent 90-day 
  period is $75 or less per barrel.
  
  SEC. 4. PRICE GOUGING AND MARKET MANIPULATION.
  
      The Federal Trade Commission and the Commodities Futures Trading 
  Commission shall use all applicable authorities to monitor oil, diesel, 
  and gasoline markets to prevent price gouging and market manipulation 
  in such markets.
target: Amends the Internal Revenue Code to suspend excise taxes on gasoline and diesel fuels between May 26, 2008, and September 1, 2008. Provides for reimbursement from the Treasury to the Highway Trust Fund for any reduction in Trust Fund receipts resulting from such suspension.
  
  Expresses the sense of Congress that: (1) consumers immediately receive the benefit of the reduction in taxes resulting from the suspension of gasoline excise taxes; and (2) transportation motor fuels producers and other dealers take necessary actions to reduce fuel prices to reflect such reduction in taxes. Directs the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) to monitor oil, diesel, and gasoline markets to: (1) ensure that consumers receive the benefit resulting from the suspension of taxes; and (2) prevent price gouging and market manipulation.
  
  Imposes in taxable years beginning in 2008 an excise fee of 50% of the excess profit of integrated oil companies and other producers or refiners of crude oil with gross receipts exceeding $1 billion. Defines "excess profit" for purposes of this Act.
  
  Directs the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method until December 31, 2008. Permits an earlier resumption of petroleum acquisition for periods when the weighted average price of petroleum is $75 or less per barrel.
feat_title: A bill to amend the Internal Revenue Code of 1986 to provide for a suspension of the highway fuel tax, and for other purposes.