H.R. 517 (110th): Independence from Oil with Agriculture Act of 2007
110th Congress, 2007–2009. Text as of Jan 17, 2007 (Introduced).
Status & Summary | PDF | Source: GPO
HR 517 IH
To amend the Internal Revenue Code of 1986 to make permanent certain tax incentives for alternative energy, to amend the Clean Air Act to accelerate the use of renewable fuels, and for other purposes.
January 17, 2007
Mrs. JO ANN DAVIS of Virginia introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and 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
To amend the Internal Revenue Code of 1986 to make permanent certain tax incentives for alternative energy, to amend the Clean Air Act to accelerate the use of renewable fuels, 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 `Independence from Oil with Agriculture Act of 2007'.
SEC. 2. EXCISE TAX PROVISIONS AND INCOME TAX CREDIT FOR BIODIESEL AND ETHANOL MADE PERMANENT.
(a) Income Tax Credits-
(1) Section 40 of the Internal Revenue Code of 1986 (relating to alcohol used as fuel) is amended by striking subsection (e).
(2) Section 40A of such Code (relating to biodiesel and renewable diesel used as fuel) is amended by striking subsection (g).
(b) Excise Tax Provisions-
(1) Subsection (b) of section 6426 of such Code (relating to alcohol fuel mixture credit) is amended by striking paragraph (5).
(2) Subsection (c) of section 6426 of such Code (relating to biodiesel mixture credit) is amended by striking paragraph (6).
(3) Paragraph (5) of section 6427(e) of such Code is amended--
(A) by striking subparagraphs (A) and (B),
(B) by redesignating subparagraphs (C) and (D) as subparagraphs (A) and (B), respectively, and
(C) in subparagraph (A), as so redesignated, by striking `subparagraph (D)' and inserting `subparagraph (B)'.
SEC. 3. CREDIT FOR ELECTRICITY PRODUCED FROM WIND, OPEN-LOOP BIOMASS, AND CLOSED-LOOP BIOMASS MADE PERMANENT.
(a) Wind- Paragraphs (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking `, and before January 1, 2009'.
(b) Closed-Loop Biomass- Subparagraph (A) of section 45(d)(2) of such Code is amended--
(1) in clause (i), by striking `, and before January 1, 2009', and
(2) in clause (ii), by striking `before January 1, 2009,'.
(c) Open-Loop Biomass- Subparagraph (A) of section 45(d)(3) of such Code is amended to read as follows:
`(A) IN GENERAL- In the case of a facility using open-loop biomass to produce electricity, the term `qualified facility' means--
`(i) in the case of a facility using agricultural livestock waste nutrients--
`(I) any facility owned by the taxpayer which is originally placed in service after the date of the enactment of this subclause, and
`(II) the nameplate capacity rating of which is not less than 150 kilowatts, and
`(ii) in the case of any other facility, any facility owned by the taxpayer.'.
SEC. 4. CREDIT FOR CLEAN-FUEL VEHICLE REFUELING PROPERTY MADE PERMANENT.
Section 30C of the Internal Revenue Code of 1986 (relating to clean-fuel vehicle refueling property credit) is amended by striking subsection (g).
SEC. 5. RENEWABLE FUELS PROGRAM.
Section 211(o)(2)(B) of the Clean Air Act (42 U.S.C. 7545(o)(2)(B) is amended as follows:
(1) In the table in clause (i):
(A) Strike `5.4' and insert `5.5' in the item relating to 2008.
(B) Strike `6.1' and insert `6.5' in the item relating to 2009.
(C) Strike `6.8' and insert `8.0' in the item relating to 2010.
(D) Strike `7.4' and insert `10.0' in the item relating to 2011.
(E) Strike `7.5' and insert `12.0' in the item relating to 2012.
(2) In clause (i)(II)(aa) strike `7,500,000,000' and insert `12,000,000,000' .