,,ii  #aai? ,,congress  #b;d ,session   
,s4 #daaa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ag1 #bjbf ,mr4   
,:iteh\se 7= himself1 ,ms4 ,baldw91 ,mr4
 ,blum5?al1 ,mr4 ,book]1 ,mr4 ,ka9e1    
,mr4 ,m>key1 ,mr4 ,m]kley1 ,mr4 ,murphy1
 ,mr4 ,re$1 ,mr4 ,s&]s1 ,ms4 ,smi?1 &   
,ms4 ,w>r57 introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,f9ance  ,a ,,bill  ,to am5d !       
,int]nal ,rev5ue ,code ( #aihf to impose
 a w9dfall pr(its excise tax on crude   
oil & to rebate ! tax collect$ back to  
individual taxpay]s1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,big ,oil ,w9dfall ,pr(its ,tax ,act4 
#b4 ,w9dfall pr(its tax  7a7 ,9 g5]al   
,subtitle ,e ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !re( !
 foll[+ new *apt]3  #ef ,w9dfall pr(its 
on crude oil  ,sec4 #ehif4 ,imposition (
 tax4 ,sec4 #ehig4 ,def9itions & special
 rules4  #ehif4 ,imposition ( tax  7a7  
,9 g5]al ,9 addition to any o!r tax     
impos$ "u ?is title1 9 ea* cal5d> qu>t] 

!re is h]eby impos$ on any cov]$ taxpay]
 an excise tax at ! rate det]m9$ "u     
subsection 7b7 on-- 7#a7 ea* b>rel (    
taxable crude oil extract$ by ! taxpay] 
)9 ! ,unit$ ,/ates & remov$ f ! prop]ty 
( su* taxpay] dur+ ! cal5d> qu>t]1 &    
7#b7 ea* b>rel ( taxable crude oil ent]$
 into ! ,unit$ ,/ates dur+ ! cal5d>     
qu>t] by ! taxpay] = consumption1 use1  
or w>eh\s+4  7b7 ,rate ( tax  7#a7 ,9   
g5]al ,! rate ( tax impos$ by ?is       
section on any b>rel ( taxable crude oil
 = any cal5d> qu>t] is ! product (--    
7,a7 #ej p]c5t1 &  7,b7 ! excess 7if    
any7 (--  7i7 ! av]age price ( a b>rel (
 ,br5t crude oil ov] ! cov]$ cal5d>     
qu>t]1 ov]  7ii7 ! av]age price ( a     
b>rel ( ,br5t crude oil ov] ! p]iod     
beg9n+ on ,janu>y #a1 #bjbe1 & end+ on  
,decemb] #ca1 #bjbe4  7#b7 ,inflation   
adju/m5t  7,a7 ,9 g5]al ,9 ! case ( a   
cal5d> qu>t] beg9n+ 9 any taxable ye>   
beg9n+ aft] #bjbf1 ! am\nt det]m9$ "u   
p>agraph 7#a77;,b77ii7 %all be increas$ 
by an am\nt equal to-- 7i7 su* doll>    

am\nt1 multipli$ by  7ii7 ! co/-(-liv+  
adju/m5t det]m9$ "u section #a7;f77#c7 =
 ! cal5d> ye> 9 :i* ! taxable ye> beg9s1
 det]m9$ by sub/itut+ #bjbe = #bjaf 9   
subp>agraph 7,a77ii7 !re(4  7,b7 ,r\nd+ 
,if any doll> am\nt1 aft] be+ increas$  
"u subp>agraph 7,a71 is n a multiple (  
#j4ej1 su* doll> am\nt %all be r\nd$ to 
! next l[e/ multiple ( #j4ja4  7c7      
,fractional "p ( b>rel ,9 ! case ( a    
fraction ( a b>rel1 ! tax impos$ by     
subsection 7a7 %all be ! same fraction (
 ! am\nt ( su* tax impos$ on ! :ole     
b>rel4  #ehig4 ,def9itions & special    
rules  7a7 ,def9itions ,= purposes ( ?is
 *apt]--  7#a7 ,cov]$ taxpay]  7,a7 ,9  
g5]al ,! t]m cov]$ taxpay] means1 )     
respect to any cal5d> qu>t]1 any taxpay]
 if-- 7i7 ! av]age daily numb] ( b>rels 
( taxable crude oil extract$ & import$  
by ! taxpay] = cal5d> ye> #bjbe exce$$  
#cjj1jjj b>rels1 or  7ii7 ! av]age daily
 numb] ( b>rels ( taxable crude oil     
extract$ & import$ by ! taxpay] = !     
cal5d> qu>t] exce$s #cjj1jjj4  7,b7     

,aggregation rules ,all p]sons treat$ z 
a s+le employ] "u subsection 7a7 or 7b7 
( section #eb or subsection 7m7 or 7o7 (
 section #dad %all be treat$ z "o p]son 
= purposes ( p>agraph 7#a74  7#b7       
,taxable crude oil ,! t]m taxable crude 
oil includes crude oil1 crude oil       
cond5sates1 & natural gasol9e4  7#c7    
,b>rel ,! t]m b>rel means #db ,unit$    
,/ates gallons4  7#d7 ,unit$ ,/ates ,!  
t]m ,unit$ ,/ates has ! same mean+ giv5 
su* t]m "u section #dfab4  7b7 ,)hold+ &
 deposit ( tax ,! ,secret>y %all provide
 su* rules z are necess>y = ! )hold+ &  
deposit ( ! tax impos$ "u section #ehif 
on any taxable crude oil4  7c7 ,records 
& in=mation ,ea* taxpay] liable = tax "u
 section #ehif %all keep su* records1   
make su* returns1 & furni% su* in=mation
 7to ! ,secret>y & to o!r p]sons hav+ an
 int]e/ 9 ! taxable crude oil7 ) respect
 to su* oil z ! ,secret>y may by        
regulations prescribe4  7d7 ,return (   
w9dfall pr(it tax ,! ,secret>y %all     
provide = ! fil+ & ! "t ( su* fil+ ( !  

return ( ! tax impos$ "u section #ehif4 
7e7 ,regulations ,! ,secret>y %all      
prescribe su* regulations z may be      
necess>y or appropriate to c>ry out !   
purposes ( ?is *apt]4  4  7b7 ,cl]ical  
am5dm5t ,! table ( *apt]s = subtitle ,e 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by add+ at ! end ! foll[+ new     
item3  ,*apt] #ef4 ,w9dfall pr(it on    
crude oil  4  7c7 ,effective date  7#a7 
,9 g5]al ,! am5dm5ts made by ?is section
 %all apply to crude oil remov$ or ent]$
 aft] ,decemb] #ca1 #bjbe1 9 cal5d>     
qu>t]s end+ aft] su* date4  7#b7        
,special rule = c]ta9 qu>t]s dur+ #bjbf 
,9 ! case ( any cal5d> qu>t] end+ be=e  
,july #a1 #bjbf1 ! tax impos$ "u section
 #ehif ( ! ,int]nal ,rev5ue ,code (     
#aihf 7z add$ by ?is section7 %all n be 
due be=e ,septemb] #cj1 #bjbf4  #c4     
,gasol9e price rebates  7a7 ,9 g5]al    
,sub*apt] ,b ( *apt] #fe ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #fdcf4  
,gasol9e price rebates  7a7 ,9 g5]al ,9 

! case ( an eligible individual1 !re    
%all be all[$ z a cr$it aga9/ ! tax     
impos$ by subtitle ,a = ea* taxable ye> 
beg9n+ aft] ,decemb] #ca1 #bjbe1 an     
am\nt equal to ! sum ( ! gasol9e price  
rebate am\nt = cal5d> qu>t]s beg9n+ 9   
su* taxable ye>4  7b7 ,gasol9e price    
rebate am\nt ,= purposes ( ?is section--
 7#a7 ,9 g5]al ,! t]m gasol9e price     
rebate am\nt means1 ) respect to any    
taxpay] = any cal5d> qu>t] beg9n+ 9 a   
taxable ye>1 an am\nt det]m9$ by !      
,secret>y n lat] ?an #cj days aft] ! end
 ( su* cal5d> qu>t] tak+ into acc\nt !  
numb] ( eligible individuals & ! am\nt (
 rev5ues 9 ! ,protect ,consum]s f ,gas  
,hikes ,fund result+ f ! tax impos$ by  
section #ehif = ! prec$+ cal5d> qu>t]4  
7#b7 ,special rule = jo9t returns ,9 !  
case ( an eligible individual fil+ a    
jo9t return1 ! gasol9e price rebate     
am\nt %all be #aej p]c5t ( ! am\nt      
det]m9$ "u p>agraph 7#a7 ) respect to   
o!r taxpay]s4  7#c7 ,limitation bas$ on 
adju/$ gross income ,! am\nt ( ! cr$it  

all[$ by subsection 7a7 7det]m9$ )\t    
reg>d to ?is subsection & subsection    
7e77 %all be r$uc$ 7b n bel[ z]o7 by #e 
p]c5t ( s mu* ( ! eligible individual's 
adju/$ gross income z exce$s--  7,a7    
#aej1jjj 9 ! case ( a jo9t return1  7,b7
 #aab1ejj 9 ! case ( a head ( h\sehold1 
&  7,c7 #ge1jjj 9 any o!r case4  7c7    
,eligible individual ,= purposes ( ?is  
section1 ! t]m eligible individual means
 any individual o!r ?an--  7#a7 any     
nonresid5t ali5 individual1  7#b7 any   
individual :o is a dep5d5t ( ano!r      
taxpay] = a taxable ye> beg9n+ 9 !      
cal5d> ye> 9 :i* ! individual's taxable 
ye> beg9s1 &  7#c7 an e/ate or tru/4    
7d7 ,def9itions & special rules  7#a7   
,dep5d5t def9$ ,= purposes ( ?is        
section1 ! t]m dep5d5t has ! mean+ giv5 
su* t]m by section #aeb4  7#b7          
,id5tification numb] requirem5t  7,a7 ,9
 g5]al ,9 ! case ( a return o!r ?an a   
jo9t return1 ! gasol9e price rebate     
am\nt 9 subsection 7b77#a7 %all be      
treat$ z be+ z]o unless ! taxpay]       

includes ! valid id5tification numb] ( !
 taxpay] on ! return ( tax = ! taxable  
ye>4  7,b7 ,jo9t returns ,9 ! case ( a  
jo9t return1 ! gasol9e price rebate     
am\nt 9 subsection 7b77#a7 %all be      
treat$ z be+--  7i7 #ej p]c5t ( ! am\nt 
o!rwise det]m9$ )\t reg>d to ?is        
p>agraph if ! valid id5tification numb] 
( only #a sp\se is includ$ on ! return (
 tax = ! taxable ye>1 &  7ii7 z]o if !  
valid id5tification numb] ( nei!r sp\se 
is s includ$4  7,c7 ,valid id5tification
 numb] ,= purposes ( ?is p>agraph1 ! t]m
 valid id5tification numb] means a      
social security numb] issu$ to an       
individual by ! ,social ,security       
,adm9i/ration on or be=e ! due date =   
fil+ ! return = ! taxable ye>4  7,d7    
,special rule = memb]s ( ! ,arm$ ,=ces  
,subp>agraph 7,b7 %all n apply 9 ! case 
:]e at lea/ #a sp\se 0 a memb] ( ! ,arm$
 ,=ces ( ! ,unit$ ,/ates at any "t dur+ 
! taxable ye> & ! valid id5tification   
numb] ( at lea/ #a sp\se is includ$ on !
 return ( tax = ! taxable ye>4  7,e7    

,coord9ation ) c]ta9 advance paym5ts ,9 
! case ( any paym5t det]m9$ pursuant to 
subsection 7f77#f71 a valid             
id5tification numb] %all be treat$ =    
purposes ( ?is p>agraph z includ$ on !  
taxpay]'s return ( tax if su* valid     
id5tification numb] is available to !   
,secret>y z describ$ 9 su* subsection4  
7,f7 ,ma!matical or cl]ical error       
au?ority ,any omission ( a correct valid
 id5tification numb] requir$ "u ?is     
p>agraph %all be treat$ z a ma!matical  
or cl]ical error = purposes ( apply+    
section #fbac7;g77#b7 to su* omission4  
7#c7 ,cr$it treat$ z refundable ,! cr$it
 all[$ by subsection 7a7 %all be treat$ 
z all[$ by subp>t ,c ( "p ,,iv (        
sub*apt] ,a ( *apt] #a4  7e7            
,regulations ,! ,secret>y %all prescribe
 su* regulations or o!r guidance z may  
be necess>y or appropriate to c>ry out !
 purposes ( ?is section4  7f7 ,outrea*  
,! ,secret>y %all c>ry out a robu/ &    
compreh5sive outrea* program to ensure t
 all taxpay]s le>n ( _! eligibility = ! 

cr$its all[$ "u ?is section & are       
provid$ assi/ance 9 claim+ su* cr$its4  
4  7b7 ,treatm5t ( c]ta9 possessions    
7#a7 ,paym5ts to possessions ) mirror   
code tax sy/ems ,! ,secret>y ( !        
,treasury %all pay to ea* possession ( !
 ,unit$ ,/ates :i* has a mirror code tax
 sy/em am\nts equal to ! loss 7if any7  
to t possession by reason ( ! am5dm5ts  
made by ?is section4 ,su* am\nts %all be
 det]m9$ by ! ,secret>y ( ! ,treasury   
bas$ on in=mation provid$ by ! gov]nm5t 
( ! respective possession4  7#b7        
,paym5ts to o!r possessions ,! ,secret>y
 ( ! ,treasury %all pay to ea*          
possession ( ! ,unit$ ,/ates :i* does n 
h a mirror code tax sy/em am\nts e/imat$
 by ! ,secret>y ( ! ,treasury z be+     
equal to ! aggregate b5efits 7if any7 t 
w\ld h be5 provid$ to resid5ts ( su*    
possession by reason ( ! am5dm5ts made  
by ?is section if a mirror code tax     
sy/em _h be5 9 effect 9 su* possession4 
,! prec$+ s5t5ce %all n apply unless !  
respective possession has a plan1 :i*   

has be5 approv$ by ! ,secret>y ( !      
,treasury1 "u :i* su* possession w      
promptly di/ribute su* paym5ts to its   
resid5ts4  7#c7 ,inclusion (            
adm9i/rative exp5ses ,! ,secret>y ( !   
,treasury %all pay to ea* possession ( !
 ,unit$ ,/ates to :i* ! ,secret>y makes 
a paym5t "u p>agraph 7#a7 or 7#b7 an    
am\nt equal to ! increase 7if any7 ( !  
adm9i/rative exp5ses ( su* possession-- 
7,a7 9 ! case ( a possession describ$ 9 
p>agraph 7#a71 by reason ( ! am5dm5ts   
made by ?is section1 &  7,b7 9 ! case ( 
a possession describ$ 9 p>agraph 7#b71  
by reason ( c>ry+ out ! plan describ$ 9 
su* p>agraph1 or  ! am\nt describ$ 9    
subp>agraph 7,a7 %all be det]m9$ by !   
,secret>y ( ! ,treasury bas$ on         
in=mation provid$ by ! gov]nm5t ( !     
respective possession4  7#d7            
,coord9ation ) cr$it all[$ aga9/ unit$  
/ates income taxes ,no cr$it %all be    
all[$ aga9/ ,unit$ ,/ates income taxes  
"u section #fdcd ( ! ,int]nal ,rev5ue   
,code ( #aihf 7z add$ by ?is section7 to

 any p]son-- 7,a7 to :om a cr$it is     
all[$ aga9/ taxes impos$ by ! possession
 by reason ( ! am5dm5ts made by ?is     
section1 or  7,b7 :o is eligible = a    
paym5t "u a plan describ$ 9 p>agraph    
7#b74  7#e7 ,mirror code tax sy/em ,=   
purposes ( ?is subsection1 ! t]m mirror 
code tax sy/em means1 ) respect to any  
possession ( ! ,unit$ ,/ates1 ! income  
tax sy/em ( su* possession if ! income  
tax liability ( ! resid5ts ( su*        
possession "u su* sy/em is det]m9$ by   
ref]5ce to ! income tax laws ( ! ,unit$ 
,/ates z if su* possession 7 ! ,unit$   
,/ates4  7#f7 ,treatm5t ( paym5ts ,=    
purposes ( section #acbd ( title #ca1   
,unit$ ,/ates ,code1 ! paym5ts "u ?is   
subsection %all be treat$ 9 ! same mann]
 z a refund due f a cr$it provision     
ref]r$ to 9 subsection 7b77#b7 ( su*    
section4  7c7 ,adm9i/rative provisions  
7#a7 ,def9ition ( defici5cy ,section    
#fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ & #fdcc 
& ins]t+ #fdcc1 & #fdcf14  7#b7 ,con=m+ 

am5dm5ts  7,a7 ,p>agraph 7#b7 ( section 
#acbd7;b7 ( title #ca1 ,unit$ ,/ates    
,code1 is am5d$ by ins]t+ #fdcf1 aft]   
#fdcc14  7,b7 ,! table ( sections =     
sub*apt] ,b ( *apt] #fe ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#fdcf4 ,gasol9e price rebates4  4  #d4  
,protect ,consum]s f ,gas ,price ,hikes 
,fund  7a7 ,9 g5]al ,sub*apt] ,a ( *apt]
 #ih ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$ by add+ at ! end ! foll[+ new  
section3  #ieab4 ,protect ,consum]s f   
,gas ,price ,hikes ,fund  7a7           
,e/abli%m5t & fund+ ,!re is h]eby       
e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates
 a tru/ fund to be ref]r$ to z !        
,protect ,consum]s f ,gas ,hikes ,fund1 
consi/+ ( su* am\nts z may be           
appropriat$ or cr$it$ to su* tru/ fund z
 provid$ = 9 ?is section & section      
#ifjb7;b74  7b7 ,transf]s to ! ,protect 
,consum]s f ,gas ,price ,hikes ,fund    
,!re are h]eby appropriat$ to ! ,protect
 ,consum]s f ,gas ,hikes ,fund am\nts   

equival5t to ! taxes receiv$ 9 !        
,treasury "u section #ehif4  7c7 ,use ( 
funds ,! ,secret>y %all pay f "t to "t f
 ! ,protect ,consum]s f ,gas ,price     
,hikes ,fund to ! g5]al fund ( !        
,treasury am\nts equal to ! am\nts (    
refunds provid$ "u section #fdcf4  4    
7b7 ,cl]ical am5dm5t ,! table ( sections
 = sub*apt] ,a ( *apt] #ih ( su* ,code  
is am5d$ by add+ at ! end ! foll[+ new  
item3  ,sec4 #ieab4 ,protect ,consum]s f
 ,gas ,price ,hikes ,fund4  4