July 9, 2008
Washington, D.C. -- Congressman Steve Chabot (R-OH) has reintroduced legislation to provide relief for consumers who have been impacted by high gas prices. The Gasoline Price Relief Act will provide a tax credit of $1,000 for individuals and $2,000 for couples filing joint tax returns for the purchase of gasoline or diesel fuel.
“The high cost of gasoline is causing a financial strain on many families,” Chabot stated. “While our nation needs a comprehensive long-term strategy to reduce our dependence on foreign oil, hardworking Americans also deserve immediate relief from the prices at the gas pump. This legislation will provide a needed tax credit to ease the financial burden families are facing due to rising gas prices.”
Specifically, the Gasoline Price Relief Act provides a tax credit of $1,000 for individuals and $2,000 for joint filers for the purchase of gasoline or diesel fuel in 2008. The credit is for highway vehicles (including motorcycles and hybrids) fueled in whole, or in part, by gasoline or diesel. The vehicles must be registered under state law to the person claiming the tax credit. In addition, the Gasoline Price Relief Act directs the President to withhold foreign assistance and arms exports to those oil-exporting countries, such as OPEC, engaged in international price fixing arrangements.
Chabot introduced similar legislation in the House in 2005 that included a $500 tax credit for the purchase of gasoline and diesel fuel. He believes that a comprehensive approach is needed to address rising energy costs and to reduce our nation’s dependence on foreign oil. In the House, Chabot has voted to increase domestic exploration of oil, voted in support of anti-price gouging legislation, and supports efforts to increase energy efficiency and make renewable energy more prevalent and cost-effective.
He has also introduced legislation with Congressman John Conyers (D-MI) entitled the No Oil Producing and Exporting Cartels Act (NOPEC) to give the Department of Justice and the Federal Trade Commission legal authority to bring an antitrust case against the OPEC oil cartel. The legislation passed the House last May, but has not been voted on in the Senate. Chabot also recently introduced the Oil Speculation Reduction Act aimed at curbing excessive speculation in the foreign oil market.