Legislation introduced with possible Fuel Subsidies

H.R. 2133 was introduced in the House by Representative Allen of Maine.  Here is the section on commercial fishing: 

`SEC. 45O. TEMPORARY CREDIT FOR SMALL BUSINESSES, FARMERS, AND FISHERMEN TO OFFSET HIGH FUEL COSTS.  

`(a) 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 any trade or business of the taxpayer. `(b) Excessive Fuel Cost- For purposes of this section– 

`(1) IN GENERAL- The term `excessive fuel cost’ means, with respect to any creditable fuel, the excess (if any) of– `(A) the amount paid or incurred by the taxpayer for such fuel, over 

`(B) the adjusted base price for such fuel. `(2) ADJUSTED BASE PRICE- 

`(A) 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. `(B) 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). 

`(C) 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. `(c) Eligible Taxpayer- For purposes of this section– 

`(1) IN GENERAL- The term `eligible taxpayer’ means any person engaged in a trade or business if– `(A) such trade or business is– 

`(i) a farming business (as defined in section 263A(e)(4)), or `(ii) commercial fishing (as defined in section 3 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1802)), or 

`(B) such person is a small business. `(2) SMALL BUSINESS- The term `small business’ means a trade or business that employs an annual average of not more than 50 employees. 

`(3) CREDITABLE FUEL- The term `creditable fuel’ means– `(A) gasoline, 

`(B) diesel fuel, `(C) heating oil, and 

`(D) natural gas. `(d) Adjustment of Standard Mileage Rate- An eligible taxpayer may elect, in lieu of the credit under this section, a standard mileage allowance under section 162 equal to 60 cents for each mile traveled during the period described in subsection (e). The Secretary shall modify the standard mileage rate under the preceding sentence to the extent that 60 cents does not accurately reflect that value of the credit under this section. 

`(e) 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.’. (b) 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 (30), by striking the period at the end of paragraph (31) and inserting `, plus’, and by adding at the end the following new paragraph: 

`(32) in the case of an eligible taxpayer (as defined in section 45O(c)), the excessive fuel cost credit determined under section 45O(a).’. (c) 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 45N the following new item: 

`Sec. 45O. Temporary credit for small businesses, farmers, and fishermen to offset high fuel costs’. (d) Effective Date- The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 

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