To amend the Internal Revenue Code of 1986 to repeal certain tax breaks for gas and oil companies and to refund the revenue savings to registered vehicle owners.
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 ``Gas Rebate Act of 2012''.
TITLE I--DENIAL OF CERTAIN TAX BENEFITS TO OIL AND GAS COMPANIES
SEC. 101. REPEAL OF ENHANCED OIL RECOVERY CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43 (and the table of sections of such subpart is amended by striking the item relating to such section). (b) Conforming Amendments.-- (1) Subsection (b) of section 38 of such Code is amended by striking paragraph (6) and redesignating paragraphs (7) through (36) as paragraphs (6) through (35), respectively. (2) Paragraph (7) of section 45Q(d) of such Code is amended to read as follows: ``(7) Inflation adjustment.-- ``(A) In general.--In the case of any taxable year beginning in a calendar year after 2009, there shall be substituted for each dollar amount contained in subsection (a) an amount equal to the product of-- ``(i) such dollar amount, multiplied by ``(ii) the inflation adjustment factor for such calendar year. ``(B) Inflation adjustment factor.--The term `inflation adjustment factor' means, with respect to any calendar year, a fraction the numerator of which is the GNP implicit...