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H.R. 517 (110th): Independence from Oil with Agriculture Act of 2007

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The text of the bill below is as of Jan 17, 2007 (Introduced).

I

110th CONGRESS

1st Session

H. R. 517

IN THE HOUSE OF REPRESENTATIVES

January 17, 2007

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

A BILL

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.

1.

Short title

This Act may be cited as the Independence from Oil with Agriculture Act of 2007.

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).

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.

.

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).

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 .