< Back to H.R. 851 (112th Congress, 2011–2013)

Text of the Clean Energy Jobs Act of 2011

This bill was introduced on March 1, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Mar 1, 2011 (Introduced).

Source: GPO

I

112th CONGRESS

1st Session

H. R. 851

IN THE HOUSE OF REPRESENTATIVES

March 1, 2011

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend certain renewable fuel tax incentives and to repeal fossil fuel subsidies for large oil companies.

1.

Short title

(a)

Short title

This Act may be cited as the Clean Energy Jobs Act of 2011.

(b)

Table of contents

The table of contents for this Act is as follows:

Sec. 1. Short title.

Title I—Renewable Fuels

Sec. 101. Extension of biodiesel and renewable diesel incentives.

Sec. 102. Extension of income tax credit for alcohol used as fuel.

Sec. 103. Extension of excise tax credit for alcohol used as fuel.

Sec. 104. Extension of additional duties on ethanol.

Title II—Fossil Fuels

Sec. 201. Amortization of geological and geophysical expenditures.

Sec. 202. Producing oil and gas from marginal wells.

Sec. 203. Enhanced oil recovery credit.

Sec. 204. Intangible drilling and development costs in the case of oil and gas wells.

Sec. 205. Percentage depletion.

Sec. 206. Tertiary injectants.

Sec. 207. Passive activity losses and credits limited.

Sec. 208. Income attributable to domestic production activities.

Title III—Increased Revenues to Reduce Federal Budget Deficit

Sec. 301. Increased revenues to reduce Federal budget deficit.

I

Renewable Fuels

101.

Extension of biodiesel and renewable diesel incentives

(a)

Credits for Biodiesel and Renewable Diesel Used as Fuel

Subsection (g) of section 40A of the Internal Revenue Code of 1986 is amended by striking December 31, 2011 and inserting December 31, 2016.

(b)

Excise Tax Credits and Outlay Payments for Biodiesel and Renewable Diesel Fuel Mixtures

(1)

Paragraph (6) of section 6426(c) of such Code is amended by striking December 31, 2011 and inserting December 31, 2016.

(2)

Subparagraph (B) of section 6427(e)(6) is amended by striking December 31, 2011 and inserting December 31, 2016.

(c)

Effective Date

The amendments made by this section shall apply to fuel sold or used after December 31, 2011.

102.

Extension of income tax credit for alcohol used as fuel

(a)

In General

Paragraph (1) of section 40(e) of the Internal Revenue Code of 1986 is amended—

(1)

by striking December 31, 2011 in subparagraph (A) and inserting December 31, 2016, and

(2)

by striking January 1, 2012 in subparagraph (B) and inserting January 1, 2017.

(b)

Cellulosic Biofuel

Subparagraph (H) of section 40(b)(6) of such Code is amended by striking January 1, 2013 and inserting January 1, 2017.

(c)

Reduced Amount for Ethanol Blenders

Paragraphs (1) and (2) of section 40(h) of such Code are both amended by striking 2011 and inserting 2016.

(d)

Effective Date

The amendments made by this section shall take effect on the date of the enactment of this Act.

103.

Extension of excise tax credit for alcohol used as fuel

(a)

In General

Paragraph (6) of section 6426(b) of the Internal Revenue Code of 1986 is amended by striking December 31, 2011 and inserting December 31, 2016.

(b)

Effective Date

The amendment made by this section shall take effect on the date of the enactment of this Act.

104.

Extension of additional duties on ethanol

Headings 9901.00.50 and 9901.00.52 of the Harmonized Tariff Schedule of the United States are each amended in the effective period column by striking 1/1/2012 and inserting 1/1/2017.

II

Fossil Fuels

201.

Amortization of geological and geophysical expenditures

(a)

In General

Subparagraph (A) of section 167(h)(5) of the Internal Revenue Code of 1986 is amended by striking major integrated oil company and inserting covered large oil company.

(b)

Covered Large Oil Company

Paragraph (5) of section 167(h) of such Act is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:

(B)

Covered large oil company

For purposes of this paragraph, the term covered large oil company means a taxpayer which—

(i)

is a major integrated oil company, or

(ii)

has gross receipts in excess of $50,000,000 for the taxable year.

For purposes of clause (ii), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

(c)

Conforming Amendment

The heading for paragraph (5) of section 167(h) of such Code is amended by inserting and other large taxpayers.

(d)

Effective Date

The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.

202.

Producing oil and gas from marginal wells

(a)

In General

Section 45I of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(e)

Exception for Taxpayer Who Is Not Small, Independent Oil and Gas Company

(1)

In general

Subsection (a) shall not apply to any taxpayer which is not a small, independent oil and gas company for the taxable year.

(2)

Aggregation rule

For purposes of paragraph (1), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

(b)

Effective Date

The amendment made by subsection (a) shall apply to credits determined for taxable years beginning after December 31, 2011.

203.

Enhanced oil recovery credit

(a)

In General

Section 43 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(f)

Exception for Taxpayer Who Is Not Small, Independent Oil and Gas Company

(1)

In general

Subsection (a) shall not apply to any taxpayer which is not a small, independent oil and gas company for the taxable year.

(2)

Aggregation rule

For purposes of paragraph (1), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

(b)

Effective Date

The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.

204.

Intangible drilling and development costs in the case of oil and gas wells

(a)

In General

Subsection (c) of section 263 of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: This subsection shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is not a small, independent oil and gas company, determined by deeming all persons treated as a single employer under subsections (a) and (b) of section 52 as 1 person..

(b)

Effective Date

The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.

205.

Percentage depletion

(a)

In General

Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(f)

Exception for Taxpayer Who Is Not Small, Independent Oil and Gas Company

(1)

In general

This section and section 611 shall not apply to any taxpayer which is not a small, independent oil and gas company for the taxable year.

(2)

Aggregation rule

For purposes of paragraph (1), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

(b)

Conforming Amendment

Section 613A(c)(1) of such Code is amended by striking subsection (d) and inserting subsections (d) and (f).

(c)

Effective Date

The amendment made by this section shall apply to taxable years beginning after December 31, 2011.

206.

Tertiary injectants

(a)

In General

Section 193 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(d)

Exception for Taxpayer Who Is Not Small, Independent Oil and Gas Company

(1)

In general

Subsection (a) shall not apply to any taxpayer which is not a small, independent oil and gas company for the taxable year.

(2)

Exception for qualified carbon dioxide disposed in secure geological storage

Paragraph (1) shall not apply in the case of any qualified tertiary injectant expense paid or incurred for any tertiary injectant is qualified carbon dioxide (as defined in section 45Q(b)) which is disposed of by the taxpayer in secure geological storage (as defined by section 45Q(d)).

(3)

Aggregation rule

For purposes of paragraph (1), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

(b)

Effective Date

The amendment made by this section shall apply to expenses incurred after December 31, 2011.

207.

Passive activity losses and credits limited

Paragraph (3) of section 469(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(C)

Exception for taxpayer who is not small, independent oil and gas company

(i)

In general

Subparagraph (A) shall not apply to any taxpayer which is not a small, independent oil and gas company for the taxable year.

(ii)

Aggregation rule

For purposes of clause (i), all persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person.

.

208.

Income attributable to domestic production activities

(a)

In General

Section 199 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(e)

Exception for Taxpayer Who Is Not Small, Independent Oil and Gas Company

Subsection (a) shall not apply to the income derived from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof by any taxpayer which for the taxable year is an oil and gas company which is not a small, independent oil and gas company.

.

(b)

Effective Date

The amendment made by this section shall apply to taxable years beginning after December 31, 2011.

III

Increased Revenues to Reduce Federal Budget Deficit

301.

Increased revenues to reduce Federal budget deficit

Any increase in revenues by reason of the amendments made by this Act shall be applied to reduce the Federal budget deficit, or, for any fiscal year for which there is no Federal budget deficit, to reduce the Federal debt.