Energy Policy Reinvestment Act of 2007

Energy Policy Reinvestment Act of 2007 - Amends the Internal Revenue Code to repeal: (1) the expensing allowance for liquid fuel refineries; (2) accelerated depreciation for natural gas distribution and gathering lines; (3) expanded eligibility of small petroleum refiners for the exception to limitations on the oil and gas depletion allowance; and (4) accelerated amortization of geological and geophysical expenditures. Directs that any revenues resulting from these repeals be made available for certain hydrogen and fuel cell technology programs.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 498 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 498

 To amend the Internal Revenue Code of 1986 to repeal the oil and gas 
 tax subsidies enacted in the Energy Policy Act of 2005, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2007

   Mr. Wynn introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committees on 
Science and Technology, Oversight and Government Reform, and 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 repeal the oil and gas 
 tax subsidies enacted in the Energy Policy Act of 2005, 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 ``Energy Policy Reinvestment Act of 
2007''.

SEC. 2. REPEAL OF TAX SUBSIDIES FOR OIL AND GAS ENACTED BY THE ENERGY 
              POLICY ACT OF 2005.

    (a) Temporary Expensing for Equipment Used in Refining of Liquid 
Fuels.--
            (1) In general.--Section 179C of the Internal Revenue Code 
        of 1986 is amended by adding at the end the following new 
        subsection:
    ``(i) Termination.--This section shall not apply to production in 
taxable years ending after the date of the enactment of this 
subsection.''.
            (2) Conforming amendments.--Paragraph (1) of section 
        179C(c) of such Code is amended--
                    (A) in subparagraph (B) by striking ``and before 
                January 1, 2012'', and
                    (B) by inserting ``and'' at the end of subparagraph 
                (D), by striking ``, and'' at the end of subparagraph 
                (E) and inserting a period, and by striking 
                subparagraph (F).
    (b) Natural Gas Distribution Lines.--Section 168(e)(3)(E)(viii) of 
such Code is amended by striking ``January 1, 2011'' and inserting 
``the date of the enactment of the Energy Policy Reinvestment Act of 
2007''.
    (c) Natural Gas Gathering Lines.--Section 168(e)(3)(C)(iv) of such 
Code is amended by inserting ``, and before the date of the enactment 
of the Energy Policy Reinvestment Act of 2007'' after ``April 11, 
2005''.
    (d) Determination of Small Refiner Exception to Oil Depletion 
Deduction.--Paragraph (4) of section 613A(d) of such Code is amended to 
read as follows:
    ``(4) Certain Refiners Excluded.--If the taxpayer or a related 
person engages in the refining of crude oil, subsection (c) shall not 
apply to such taxpayer if on any day during the taxable year the 
refinery runs of the taxpayer and such person exceed 50,000 barrels.''.
    (e) Amortization of Geological and Geophysical Expenditures.--
Section 167(h) of such Code is amended by adding at the end the 
following new paragraph:
            ``(5) Termination.--This subsection shall not apply to any 
        expense paid or incurred in any taxable year ending after the 
        date of the enactment of this paragraph.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. ADVANCEMENT OF HYDROGEN AND FUEL CELL TECHNOLOGY.

    Additional revenues received by the United States as a result of 
the amendments made by section 2 shall be retained in an account in the 
Treasury and shall be available, to the extent provided in advance in 
appropriations Acts, for--
            (1) carrying out hydrogen and fuel cell technology programs 
        under the authority of the Assistant Secretary for Energy 
        Efficiency and Renewable Energy of the Department of Energy, 
        with priority given to programs that have been previously 
        underfunded; and
            (2) carrying out sections 782 and 783 of the Energy Policy 
        Act of 2005 (42 U.S.C 16122, 16123).
                                 <all>