article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Energy Tax Rebate Act of 2005''. TITLE I--ENERGY TAX REBATE SEC. 101. ENERGY TAX REBATE. (a) In General.--Subchapter B of chapter 65 of the Internal Revenue Code of 1986 (relating to rules of special application in the case of abatements, credits, and refunds) is amended by adding at the end the following new section: ``SEC. 6430. ENERGY TAX REBATE. ``(a) General Rule.--Except as otherwise provided in this section, each individual shall be treated as having made a payment against the tax imposed by chapter 1 for the taxable year beginning in 2005 in an amount equal to the lesser of-- ``(1) the amount of the taxpayer's liability for tax for such taxpayer's preceding taxable year, or ``(2) $500. ``(b) Liability for Tax.--For purposes of this section, the liability for tax for any taxable year shall be the excess (if any) of-- ``(1) the sum of-- ``(A) the taxpayer's regular tax liability (within the meaning of section 26(b)) for the taxable year, ``(B) the tax imposed by section 55(a) with respect to such taxpayer for the taxable year, and ``(C) the taxpayer's social security taxes (within the meaning of section 24(d)(2)) for the taxable year, over ``(2) the sum of the credits allowable under part IV of subchapter A of chapter 1 (other than the credits allowable under subpart C thereof, relating to refundable credits) for the taxable year. ``(c) Taxable Income Limitation.-- ``(1) In general.--If the taxable income of the taxpayer for the preceding taxable year exceeds the maximum taxable income in the table under subsection (a), (b), (c), or (d) of section 1, whichever is applicable, to which the 25 percent rate applies, the dollar amount otherwise determined under subsection (a) for such taxpayer shall be reduced (but not below zero) by the amount of the excess. ``(2) Change in return status.--In the case of married individuals filing a joint return for the taxable year who did not file such a joint return for the preceding taxable year, paragraph (1) shall be applied by reference to the taxable income of both such individuals for the preceding taxable year. ``(d) Date Payment Deemed Made.-- ``(1) In general.--The payment provided by this section shall be deemed made on the date of the enactment of the Energy Tax Rebate Act of 2005. ``(2) Remittance of payment.--The Secretary shall remit to each taxpayer the payment described in paragraph (1) not later than the date which is 30 days after the date specified in paragraph (1). ``(e) Certain Persons Not Eligible.--This section shall not apply to-- ``(1) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins, ``(2) any estate or trust, or ``(3) any nonresident alien individual.''. (b) Conforming Amendment.--Section 1324(b)(2) of title 31, United States Code, is amended by inserting before the period ``, or enacted by the Energy Tax Rebate Act of 2005''. (c) Clerical Amendment.--The table of sections for subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: ``Sec. 6430. Energy tax rebate.''. (d) Effective Date.--The amendments made by this section shall take effect on the date of the enactment of this Act. TITLE II--LOW-INCOME HOME ENERGY ASSISTANCE SEC. 201. SENSE OF THE SENATE REGARDING FULL FUNDING FOR THE LOW-INCOME HOME ENERGY ASSISTANCE PROGRAM. It is the sense of the Senate that Congress should appropriate $5,100,000,000 for fiscal year 2006 and each subsequent fiscal year for the Low-Income Home Energy Assistance Program, under section 2602(b) of the Low-Income Home Energy Assistance Act of 1981. TITLE III--CONSUMER PROTECTIONS SEC. 301. UNFAIR OR DECEPTIVE ACTS OR PRACTICE IN COMMERCE RELATED TO PRICING OF PETROLEUM PRODUCTS. (a) Sales to Consumers at Unconscionable Price.-- (1) In general.--It is unlawful for any person to sell crude oil, gasoline, or petroleum distillates at a price that-- (A) is unconscionably excessive; or (B) indicates the seller is taking unfair advantage of circumstances to increase prices unreasonably. (2) Factors considered.--In determining whether a violation of paragraph (1) has occurred, there shall be taken into account, among other factors, whether-- (A) the amount charge represents a gross disparity between the price fo the crude oil, gasoline, or petroleum distillate sold and the price at which it was offered for sale in the usual course of the seller's business immediately prior to the energy emergency; or (B) the amount charged grossly exceeds the price at which the same or similar crude oil, gasoline, or petroleum distillate was readily obtainable by other purchasers in the area to which the declaration applies. (3) Mitigating factors.--In determining whether a violation of paragraph (1) has occurred, there also shall be taken into account, among other factors, the price that would reasonably equate supply and demand in a competitive and freely functioning market and whether the price at which the crude oil, gasoline, or petroleum distillate was sold reasonably reflects additional costs, not within the control fo the seller, that were paid or incurred by the seller. (b) Prohibition Against Geographic Price-Setting and Territorial Restrictions.-- (1) In general.--Except as provided in paragraph (2), it is unlawful for any person to-- (A) set different prices for gasoline or petroleum distillates for different geographic locations; or (B) implement a territorial restriction with respect to gasoline or petroleum distillates. (2) Exceptions.--A person may set different prices for gasoline or petroleum distillates for different geographic locations or implement territorial restrictions with respect to gasoline or petroleum distillates only if the price differences or restrictions are sufficiently justified by-- (A) differences in the cost of retail space where the gasoline or petroleum distillate is sold; (B) differences in the cost of transportation of gasoline or petroleum distillates from the refinery to the retail location; (C) differences in the cost of storage of gasoline or petroleum distillates at the retail location; or (D) differences in the formulation of the gasoline or petroleum distillates sold. (c) False Pricing Information.--It is unlawful for any person to report information related to the wholesale price of crude oil, gasoline, or petroleum distillates to the Federal Trade Commission if-- (1) that person knew, or reasonably should have known, the information to be false or misleading; (2) the information was required by law to be reported; and (3) the person intended the false or misleading data to affect data compiled by that department or agency for statistical or analytical purpose with respect to the market for crude oil, gasoline, or petroleum distillates. SEC. 302. ENFORCEMENT UNDER FEDERAL TRADE COMMISSION ACT. (a) Enforcement by Commission.--This title shall be enforced by the Federal Trade Commission. In enforcing section 301(a) of this title, the Commission shall give priority to enforcement actions concerning companies with total United States wholesale or retail sales of crude oil, gasoline, and petroleum distillates in excess of $500,000,000 per year but shall not exclude enforcement actions against companies with total United States wholesale sales of $500,000,000 or less per year. (b) Violation Is Unfair or Deceptive Act or Practice.--The violation of any provision of this title shall be treated as an unfair or deceptive act or practice proscribed under a rule issued under section 18(a)(1)(B) of the Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)). SEC. 303. ENFORCEMENT BY STATE ATTORNEYS GENERAL. (a) In General.--A State, as parens patriae, may bring a civil action on behalf of its residents in an appropriate district court of the United States to enforce the provisions of section 301(a), or to impose the civil penalties authorized by section 304 for violations of section 301(a), whenever the attorney general of the State has reason to believe that the interests of the residents of the State have been or are being threatened by such violation. (b) Notice.--The State shall serve written notice to the Commission of any civil action under subsection (a) prior to initiating such civil action. The notice shall include a copy of the complaint to be filed to initiate such civil action, except that if it is not feasible for the State to provide such prior notice, the State shall provide such notice immediately upon instituting such civil action. (c) Authority to Intervene.--Upon receiving the notice required by subsection (b), the Commission may intervene in such civil action and upon intervening-- (1) be heard on all matters arising in such civil action; and (2) file petitions for appeal of a decision in such civil action. (d) Construction.--For purposes of bringing any civil action under subsection (a), nothing in this section shall prevent the attorney general of a State from exercising the powers conferred on the attorney general by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence. (e) Venue; Service of Process.--In a civil action brought under subsection (a)-- (1) the venue shall be a judicial district in which-- (A) the defendant operates; (B) the defendant was authorized to do business; or (C) where the defendant in the civil action is found; (2) process may be served without regard to the territorial limits of the district or of the State in which the civil action is instituted; and (3) a person who participated with the defendant in an alleged violation that is being litigated in the civil action may be joined in the civil action without regard to the residence of the person. (f) Limitation on State Action While Federal Action Is Pending.--If the Commission has instituted a civil action or an administrative action for violation of this title, no State attorney general, or official or agency of a State, may bring an action under this subsection during the pendency of that action against any defendant named in the complain of the Commission or the other agency for any violation of this title alleged in the complaint. (g) Enforcement of State Law.--Nothing contained in this section shall prohibit an authorized State official from proceeding in state court to enforce a civil or criminal statute of such State. SEC. 304. PENALTIES. (a) Civil Penalty.-- (1) In general.--In addition to any penalty applicable under the Federal Trade Commission Act-- (A) any person who violates section 301(c) of this title is punishable by a civil penalty of not more than $1,000,000; and (B) any person who violates section 301(a) or 301(b) of this title is punishable by a civil penalty of not more than $3,000,000. (2) Method of assessment.--The penalties provided by paragraph (1) shall be assessed in the same manner as civil penalties imposed under section 5 of the Federal Trade Commission Act (15 U.S.C. 45). (3) Multiple offenses; mitigating factors.--In assessing the penalty provided by subsection (a)-- (A) each day of a continuing violation shall be considered a separate violation; and (B) the Commission shall take into consideration the seriousness of the violation and the efforts of the person committing the violation to remedy the harm caused by the violation in a timely manner. (b) Criminal Penalty.--Violation of section 301(a) of this title is punishable by a fine of not more than $1,000,000, imprisonment for not more than 5 years, or both. SEC. 305. EFFECT ON OTHER LAWS. (a) Other Authority of Commission.--Nothing in this title shall be construed to limit or affect in any way the Commission's authority to bring enforcement actions or take any other measure under the Federal Trade Commission Act (15 U.S.C. 41 et seq.) or any other provision of law. (b) State Law.--Nothing in this title preempts any State law. SEC. 306. MARKET TRANSPARENCY FOR CRUDE OIL, GASOLINE, AND PETROLEUM DISTILLATES. (a) In General.--The Federal Trade Commission shall facilitate price transparency in markets for the sale of crude oil and essential petroleum products at wholesale, having due regard for the public interest, the integrity of those markets, fair competition, and the protection of consumers. (b) Marketplace Transparency.-- (1) Dissemination of information.--In carrying out this section, the Commission shall provide by rule for the dissemination, on a timely basis, of information about the availability and prices of wholesale crude oil, gasoline, and petroleum distillates to the Commission, States, wholesale buyers and sellers, and the public. (2) Protection of public from anticompetitive activity.--In determining the information to be made available under this section and time to make the information available, the Commission shall seek to ensure that consumers and competitive markets are protected from the adverse effects of potential collusion or other anticompetitive behaviors that can be facilitated by untimely public disclosure of transaction- specific information. (3) Protection of market mechanisms.--The Commission shall withhold from public disclosure under this section any information the Commission determines would, if disclosed, be detrimental to the operation of an effective market or jeopardize security. (c) Information Sources.-- (1) In general.--In carrying out subsection (b), the Commission may-- (A) obtain information from any market participant; and (B) rely on entities other than the Commission to receive and make public the information, subject to the disclosure rules in subsection (b)(3). (2) Published data.--In carrying out this section, the Commission shall-- (A) consider the degree of price transparency provided by existing price publishers and providers of trade processing services; and (B) rely on such publishers and services to the maximum extent practicable. (3) Electronic information systems.-- (A) In general.--The Commission may establish an electronic information system if the Commission determines that existing price publications are not adequately providing price discovery or market transparency. (B) Electronic information filing requirements.-- Nothing in this section affects any electronic information filing requirements in effect under this title as of the date of enactment of this Act. (4) De minimus exception.--The Commission may not require entities who have a de minimus market presence to comply with the reporting requirements of this section. (d) Cooperation With Other Federal Agencies.-- (1) Memorandum of understanding.--Not later 180 days after the date of enactment of this Act, the Commission shall conclude a memorandum of understanding with the Commodity Futures Trading Commission and other appropriate agencies (if applicable) relating to information sharing, which shall include provisions-- (A) ensuring that information requests to markets within the respective jurisdiction of each agency are properly coordinated to minimize duplicative information requests; and (B) regarding the treatment of proprietary trading information. (2) CFTC jurisdiction.--Nothing in this section limits or affects the exclusive jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.). (e) Rulemaking.--Not later than 180 days after the date of enactment of this Act, the Commission shall initiate a rulemaking proceeding to establish such rules as the Commission determines to be necessary and appropriate to carry out this section.
summary: Energy Tax Rebate Act of 2005 - Amends the Internal Revenue Code to provide a formula for an energy tax rebate to eligible individuals for the taxable year beginning in 2005. Expresses the sense of the Senate that Congress should appropriate $5.1 billion for FY2006 and each subsequent fiscal year for the Low-Income Home Energy Assistance Program (LIHEAP) under the Low-Income Home Energy Assistance Act of 1981. Declares it is unlawful for any person to sell crude oil, gasoline, or petroleum distillates at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage of circumstances to increase prices unreasonably. Prohibits geographic price-setting and territorial restrictions. Empowers the Federal Trade Commission (FTC) and the State Attorneys General to enforce this Act. Sets forth civil and criminal penalties for violations of this Act. Directs the FTC to: (1) facilitate price transparency in markets for the sale of crude oil and essential petroleum products at wholesale; (2) seek to ensure that consumers and competitive markets are protected from the adverse effects of potential collusion or other anticompetitive behaviors that can be facilitated by untimely public disclosure of transaction-specific information; and (3) conclude a memorandum of understanding with the Commodity Futures Trading Commission and other appropriate agencies relating to information sharing.