II
110th CONGRESS
2d Session
S. 3234
IN THE SENATE OF THE UNITED STATES
July 9, 2008
Ms. Murkowski (for herself and Mr. Stevens) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to provide a temporary income tax credit for commercial fishermen to offset high fuel costs.
Short title
This Act may be cited as
the Fisheries Fuel Tax Relief Act of
2008
.
Temporary credit against income tax for commercial fishermen to offset high fuel costs
In General
Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business-related credits) is amended by inserting after section 45P the following new section:
Temporary credit for commercial fishermen to offset high fuel costs
Allowance of Credit
In the case of an eligible taxpayer, the excessive fuel cost credit determined under this section is an amount equal to the excessive fuel cost paid or incurred by the taxpayer during the taxable year for any creditable fuel used in the trade or business of the taxpayer.
Excessive Fuel Cost
For purposes of this section—
In general
The term excessive fuel cost means, with respect to any creditable fuel, the excess (if any) of—
the amount paid or incurred by the taxpayer for such fuel, over
the adjusted base price for such fuel.
Adjusted base price
In general
The term adjusted base price means, with respect to any creditable fuel, the amount determined by the Secretary to be the applicable Labor Day 2004 price for such fuel adjusted for inflation.
Applicable price
The applicable Labor Day 2004 price for any fuel is the average price for such fuel for the region in which the taxpayer purchased such fuel (as determined using data of the Energy Information Agency of the Department of Energy).
Inflation adjustment
The inflation adjustment shall be determined under the principles of section 1(f); except that, the Secretary shall use estimates of the monthly Consumer Price Index (as defined in such section) where possible to more closely reflect current inflation.
Eligible Taxpayer
For purposes of this section—
In general
The term eligible taxpayer means any person engaged in the trade or business of commercial fishing (as defined in section 3 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1802)).
Creditable fuel
The term creditable fuel means gasoline and diesel fuel used as a fuel in a commercial vessel.
Application of Section
This section shall apply to fuels purchased during the 2-year period beginning on the date of the enactment of this section.
.
Credit To Be Part of General Business Credit
Subsection (b) of section 38 of
such Code is amended by striking plus
at the end of paragraph
(31), by striking the period at the end of paragraph (32) and inserting
, plus
, and by adding at the end the following new
paragraph:
in the case of an eligible taxpayer (as defined in section 45Q(c)), the excessive fuel cost credit determined under section 45Q(a).
.
Clerical Amendment
The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 45P the following new item:
Sec. 45Q. Temporary credit for commercial fishermen to offset high fuel costs.
.
Effective Date
The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.