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106th CONGRESS
2d Session
H. R. 5531
To amend the Internal Revenue Code of 1986 to impose a windfall profit
tax on electricity, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
October 24, 2000
Mr. Kucinich (for himself and Mr. Filner) introduced the following
bill; which was referred to the Committee on Ways and Means, and in
addition to the Committee on 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
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A BILL
To amend the Internal Revenue Code of 1986 to impose a windfall profit
tax on electricity, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Electricity Price Spike Act of
2000''.
SEC. 2. WINDFALL PROFITS TAX.
(a) In General.--Subtitle E of the Internal Revenue Code of 1986
(relating to alcohol, tobacco, and certain other excise taxes) is
amended by adding at the end thereof the following new chapter:
``CHAPTER 55--WINDFALL PROFIT ON ELECTRICITY
``Sec. 5886. Imposition of tax.
``SEC. 5886. IMPOSITION OF TAX.
``(a) In General.--In addition to any other tax imposed under this
title, there is hereby imposed an excise tax on the sale in the United
States of any electricity equal to the applicable percentage of the
windfall profit on such sale.
``(b) Definitions.--For purposes of this section--
``(1) Windfall profit.--The term `windfall profit' means,
with respect to any sale, so much of the profit on such sale as
exceeds a reasonable profit.
``(2) Applicable percentage.--The term `applicable
percentage' means--
``(A) 50 percent to the extent that the profit on
the sale exceeds 100 percent of the reasonable profit
on the sale but does not exceed 102 percent of the
reasonable profit on the sale,
``(B) 75 percent to the extent that the profit on
the sale exceeds 102 percent of the reasonable profit
on the sale but does not exceed 105 percent of the
reasonable profit on the sale, and
``(C) 100 percent to the extent that the profit on
the sale exceeds 105 percent of the reasonable profit
on the sale.
``(4) Reasonable profit.--The term `reasonable profit'
means the amount determined by the Reasonable Profits Board to
be a reasonable profit on the sale.
``(c) Liability for Payment of Tax.--The taxes imposed by
subsection (a) shall be paid by the seller.''
(b) Clerical Amendment.--The table of chapters for subtitle E of
such Code is amended by adding at the end the following new item:
``Chapter 55. Windfall profit on
electricity.''
(c) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 3. CREDIT FOR ENERGY EFFICIENCY IMPROVEMENTS TO EXISTING HOMES.
(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25A the
following new section:
``SEC. 25B. ENERGY EFFICIENCY IMPROVEMENTS TO EXISTING HOMES.
``(a) Allowance of Credit.--In the case of an individual, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to 20 percent of the amount paid
or incurred by the taxpayer for qualified energy efficiency
improvements installed during such taxable year.
``(b) Limitations.--
``(1) Maximum credit.--The credit allowed by this section
with respect to a dwelling shall not exceed $2,000.
``(2) Prior credit amounts for taxpayer on same dwelling
taken into account.--If a credit was allowed to the taxpayer
under subsection (a) with respect to a dwelling in 1 or more
prior taxable years, the amount of the credit otherwise
allowable for the taxable year with respect to that dwelling
shall not exceed the amount of $2,000 reduced by the sum of the
credits allowed under subsection (a) to the taxpayer with
respect to the dwelling for all prior taxable years.
``(c) Carryforward of Unused Credit.--If the credit allowable under
subsection (a) exceeds the limitation imposed by section 26(a) for such
taxable year reduced by the sum of the credits allowable under subpart
A of part IV of subchapter A (other than this section), such excess
shall be carried to the succeeding taxable year and added to the credit
allowable under subsection (a) for such taxable year.
``(d) Qualified Energy Efficiency Improvements.--For purposes of
this section, the term `qualified energy efficiency improvements' means
any energy efficient building envelope component, and any energy
efficient heating, cooling, or water heating appliance, the
installation of which, by itself or in combination with other such
components or appliances, is certified to improve the annual energy
performance of the existing home by at least 30 percent, if--
``(1) such component or appliance is installed in or on a
dwelling--
``(A) located in the United States, and
``(B) owned and used by the taxpayer as the
taxpayer's principal residence (within the meaning of
section 121),
``(2) the original use of such component or appliance
commences with the taxpayer, and
``(3) such component or appliance reasonably can be
expected to remain in use for at least 5 years.
Such certification shall be made by the contractor who installed such
improvements, a local building regulatory authority, or a qualified
energy consultant (such as a utility or an accredited home energy
rating system provider).
``(e) Special Rules.--
``(1) Tenant-stockholder in cooperative housing
corporation.--In the case of an individual who is a tenant-
stockholder (as defined in section 216) in a cooperative
housing corporation (as defined in such section), such
individual shall be treated as having paid his tenant-
stockholder's proportionate share (as defined in section
216(b)(3)) of the cost of qualified energy efficiency
improvements made by such corporation.
``(2) Condominiums.--
``(A) In general.--In the case of an individual who
is a member of a condominium management association
with respect to a condominium which he owns, such
individual shall be treated as having paid his
proportionate share of the cost of qualified energy
efficiency improvements made by such association.
``(B) Condominium management association.--For
purposes of this paragraph, the term `condominium
management association' means an organization which
meets the requirements of paragraph (1) of section
528(c) (other than subparagraph (E) thereof) with
respect to a condominium project substantially all of
the units of which are used as residences.
``(f) Basis Adjustment.--For purposes of this subtitle, if a credit
is allowed under this section for any expenditure with respect to any
property, the increase in the basis of such property which would (but
for this subsection) result from such expenditure shall be reduced by
the amount of the credit so allowed.
``(g) Termination.--Subsection (a) shall apply to qualified energy
efficiency improvements installed during the period beginning on
January 1, 1999, and ending on December 31, 2003.''.
(b) Conforming Amendments.--
(1) Subsection (c) of section 23 of such Code is amended by
inserting ``, section 25B, and section 1400C'' after ``other
than this section''.
(2) Subparagraph (C) of section 25(e)(1) of such Code is
amended by striking ``section 23'' and inserting ``sections 23,
25B, and 1400C''.
(3) Subsection (d) of section 1400C of such Code is amended
by inserting ``and section 25B'' after ``other than this
section''.
(4) Subsection (a) of section 1016 of such Code is amended
by striking ``and'' at the end of paragraph (26), by striking
the period at the end of paragraph (27) and inserting ``;
and'', and by adding at the end the following new paragraph:
``(28) to the extent provided in section 25B(f), in the
case of amounts with respect to which a credit has been allowed
under section 25B.''.
(5) The table of sections for subpart A of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 25A the following new item:
``Sec. 25B. Energy efficiency
improvements to existing
homes.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years ending after December 31, 1998.
SEC. 4. CITIZENS' UTILITY BOARDS.
(a) Establishment.--Unless already in existence, each State shall
create a not-for-profit membership corporation to be known as the
``Citizens' Utility Board, Inc.'' herein referred to as the State CUB.
An existing not-for-profit membership corporation located in a State
may become the State CUB provided it meets all the requirements of this
section.
(b) Membership.--The membership of the State CUB shall consist of
all residential consumers of electricity 16 years of age or older who
have contributed to the State CUB an annual membership fee, provided,
that any person may resign from membership.
(c) Duties, Rights, and Powers of the State CUB.--
(1) Duties.--The State CUB shall--
(A) represent and promote the interests of a
State's residential consumers of electricity, and all
actions by the State CUB under this section shall be
directed toward such duty;
(B) inform, insofar as possible, all residential
consumers of electricity about the State CUB, including
the procedure for obtaining membership in the State
CUB;
(C) establish an annual membership fee which shall
be set at a level that provides sufficient funding for
the State CUB to effectively perform its powers and
duties, and is affordable for as many electricity
consumers as is possible, but nevertheless is not less
than $5; and
(D) have all rights and powers accorded generally
to, and be subject to all duties imposed generally
upon, not-for-profit membership corporations under the
laws of a State.
(2) Rights and powers.--In addition, the State CUB shall
have the following rights and powers:
(A) To solicit and accept gifts, loans, grants or
other aid in order to support activities concerning the
interests of residential consumers of electricity,
except that the State CUB may not accept gifts, loans
or other aid from any person or company that generates,
transmits, distributes, or supplies electricity, or
from any director, employee or agent or member of the
immediate family of a director, employee or agent of
any company that generates, transmits, distributes, or
supplies electricity.
(B) To seek tax-exempt status under State and
Federal law.
(C) To conduct, support, and assist research,
surveys, investigations, planning activities,
conferences, demonstration projects, and public
information activities concerning the interests of
residential consumers of electricity. The State CUB may
accept grants, contributions, and legislative
appropriations for such activities.
(D) To contract for services which cannot
reasonably be performed by its employees.
(E) To represent the interests of residential
consumers of electricity before regulatory agencies,
legislative bodies and other public bodies.
(F) To initiate, to intervene as a party, to
maintain, or to otherwise participate on behalf of
residential consumers of electricity in any proceeding
that affects the interests of residential consumers of
electricity.
(G) To support or oppose ballot propositions
concerning matters that it determines may affect the
interests of residential consumers of electricity.
(3) The State CUB shall have, in addition to the rights and
powers enumerated in this section, such other incidental rights
and powers as are reasonably necessary for the effective
representation and protection of the interests of residential
consumers of electricity.
(4) Nonpolitical.--The State CUB shall not sponsor,
endorse, or otherwise support, nor shall it oppose, any
political party or the candidacy of any person for public
office.
(d) State-Assisted Fundraising by the State CUB.--
(1) In general.--(1) The State CUB shall have the authority
to prepare and furnish to any State agency an enclosure that
the State agency shall include within any mailing designated by
the State CUB. The State CUB shall provide the agency with any
such enclosure at a time reasonably in advance of the mailing.
The State CUB may not require any State agency to mail an
enclosure more than four times in any calendar year.
(2) Limitation.--Enclosures furnished by the State CUB
under this section shall be limited to soliciting information
and money from consumers and explaining--
(A) the purpose, history, nature, activities, and
achievements of the State CUB;
(B) that the State CUB is open to membership by
residential consumers;
(C) that the State CUB is not connected to any
utility company or governmental agency;
(D) that the State CUB is a not-for-profit
corporation directed by its consumer members;
(E) the procedure for contributing to or becoming a
member of the State CUB; and
(F) the yearly membership fee.
(3) Approval of content of enclosure.--Prior to furnishing
an enclosure to a State agency for mailing, the State CUB shall
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