Gas Price Relief Act of 2007

Summary

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.

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Timeline

1. 24 May 2007

   Referred

   Referred to the Subcommittee on Energy and Air Quality.

   Source: Committee

2. 24 May 2007

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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.

   Source: IntroReferral

3. 24 May 2007

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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.

   Source: IntroReferral

4. 24 May 2007

   Introduced

   Introduced in House

   Source: IntroReferral

5. 24 May 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 24 May 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 May 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 24 May 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 24 May 2007

  Open at official source

Sponsors

• Rep. Hill, Baron P. [D-IN-9] · D · Sponsor
• Rep. Boyda, Nancy E. [D-KS-2] · D · Sponsor
• Rep. Murphy, Patrick J. [D-PA-8] · D · Cosponsor
• Rep. Kagen, Steve [D-WI-8] · D · Cosponsor
• · hsif00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.