S. 701 (110th): Strategic Energy Fund Act of 2007

Introduced:
Feb 28, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Hillary Clinton [D-NY]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 28, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 28, 2007
Referred to Committee Feb 28, 2007
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to impose a temporary oil profit fee and to use the proceeds of the fee collected to provide a Strategic Energy Fund and expand certain energy tax incentives, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 28, 2007.
69 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/28/2007--Introduced.
Strategic Energy Fund Act of 2007 - Amends the Internal Revenue Code to establish in the Treasury the Strategic Energy Fund to finance the energy conservation and research initiatives set forth by this Act. Increases the tax credits for: (1) investment in alternative fuel vehicle refueling property; (2) small ethanol producers of sucrose or cellulosic ethanol; and (3) investment in advanced coal projects.
Extends tax credits for: (1) alcohol used as fuel through 2012; (2) electricity produced from certain renewable resources through 2013; and (3) solar energy property through 2014. Increases the number of hybrid and advanced lean burn technology vehicles eligible for the full amount of the tax credit for alternative motor vehicles.
Extends through 2015: (1) the tax credits for biodiesel used as fuel, investment in fuel cell property, new energy efficient home expenditures; and (2) the tax deduction for energy efficient commercial property expenditures.
Allows new tax credits for the manufacture of advanced technology motor vehicles, including plug-in hybrid vehicles and investment in small wind energy property.
Directs the Administrator of the Environmental Protection Agency to establish a grant program for geological disposal deployment projects.
Directs the Secretary of Energy to establish the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment to implement innovative programs for energy conservation.
Imposes for taxable years beginning during 2007 or 2008 a 50% excise fee on the excess profit of certain integrated oil companies and producers or refiners of crude oil with gross receipts exceeding $100 million.
Provides for the transfer of excise fees to the Strategic Energy Fund. Eliminates certain tax benefits for major oil companies, producers, or refiners, including:
(1) the tax deductions for intangible drilling and development costs and for income attributable to domestic production of oil, natural gas, or related products;
(2) accelerated amortization of geological and geophysical expenditures; and
(3) the tax credit for enhanced oil recovery expenditures and certain foreign tax credits and deferrals.
Grants the Secretary of the Interior authority to suspend royalty relief for lessees of federal oil-producing properties and to renegotiate leases based upon price thresholds for oil and natural gas. Places limits on depreciation of certain non-farm heavy passenger motor vehicles.

House Republican Conference Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 119 Stat. 704