Summary
Consumer Energy Assistance and Fairness Act of 2005 - Amends the Internal Revenue Code to impose an excise tax on certain integrated oil companies for 50% of their annual net windfall profit. Defines "windfall profit" as the excess of the removal price (sales price) of a barrel of taxable crude oil over its adjusted base price (i.e., $40 per barrel, adjusted for inflation). Terminates such tax three years after the enactment of this Act.
Allows a tax deduction for any windfall profit tax paid under this Act.
Allows a $1,000 tax credit for the purchase of a fuel-efficient motor vehicle (i.e., a vehicle with a fuel economy rating of not less than 30 miles per gallon).
Establishes in the Treasury an Energy Assistance Trust Fund to: (1) make grants under the Low-Income Gasoline Assistance Program Act; and (2) carry out the Low-Income Home Energy Assistance Act of 1981. Appropriates to such Fund tax windfall profit tax revenues generated by this Act.
Low-Income Gasoline Assistance Program Act - Directs the Secretary of Health and Human Services to make grants to states to establish emergency assistance programs to enable eligible low-income households to purchase gasoline.
Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act to authorize a state to use funds from any TANF grant to carry out a low-income gasoline assistance program.
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