Increases funding for the Energy Star program. Raises average fuel economy standards for passenger automobiles and light trucks.
Amends the Public Utility Regulatory Policies Act of 1978 to set forth a Federal renewable portfolio standard that requires every retail electric supplier to submit Renewable Energy Credits to the Secretary of Energy according to prescribed annual percentages of the total electric energy sold by the supplier to electric consumers during the calendar year.
Amends Federal transportation law to mandate: (1) certain tire rating standards; and (2) a national tire fuel efficiency program.
Amends the Internal Revenue Code of 1986 to allow credits against the income tax for specified percentages of: (1) purchases of Energy Star products; and (2) the purchase of fuel-efficient American-made passenger vehicles.
Imposes an excise tax upon the windfall profit on sale of any electricity, fuel oil, natural gas, coal, or other taxable product. Establishes the Windfall Profits Fund as the depository for such tax.
Establishes the Reasonable Profits Board to make profit determinations relating to windfall profit on the sale of electricity, fuel oil, natural gas, coal, and products thereof.