Big Oil Accountability Act of 2010 - Amends the Internal Revenue Code to extend through 2015: (1) the tax credit for biodiesel and renewable diesel used as fuel and the excise tax credit for biodiesel and renewable diesel fuel mixtures; (2) the tax credit for alcohol used as fuel, the cellulosic biofuel producer credit, and the credit amount for ethanol blenders; (3) the excise tax credit for alcohol fuel mixtures; and (4) the tax credit for the production of electricity from certain renewable resources (e.g., biomass, geothermal or solar energy facilities, and hydropower facilities).
Amends the Harmonized Tariff Schedule of the United States to extend until 2016 the additional tariff on ethyl alcohol blends (ethanol) used as fuel.
Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil (or any primary products thereof).
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5435 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5435
To amend the Internal Revenue Code of 1986 to extend certain renewable
fuel, and energy, tax incentives, and to deny the deduction for income
attributable to domestic production of oil, or primary products
thereof.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 27, 2010
Mr. Braley of Iowa 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, and energy, tax incentives, and to deny the deduction for income
attributable to domestic production of oil, or primary products
thereof.
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 ``Big Oil Accountability Act of
2010''.
SEC. 2. 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, 2009'' and inserting ``December 31,
2015''.
(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, 2009'' and inserting
``December 31, 2015''.
(2) Subparagraph (B) of section 6427(e)(6) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2015''.
(c) Effective Date.--The amendments made by this section shall
apply to fuel sold or used after December 31, 2009.
SEC. 3. 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, 2010'' in subparagraph (A)
and inserting ``December 31, 2015'', and
(2) by striking ``January 1, 2011'' in subparagraph (B) and
inserting ``January 1, 2016''.
(b) Cellulosic Biofuel.--Subparagraph (H) of section 40(b)(6) of
such Code is amended by striking ``January 1, 2013'' and inserting
``January 1, 2016''.
(c) Reduced Amount for Ethanol Blenders.--Paragraph (2) of section
40(h) of such Code is amended by striking ``2010'' and inserting
``2015''.
(d) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 4. 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, 2010'' and
inserting ``December 31, 2015''.
(b) Effective Date.--The amendment made by this section shall take
effect on the date of the enactment of this Act.
SEC. 5. EXTENSION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN
RENEWABLE RESOURCES.
Subsection (d) of section 45 of the Internal Revenue Code of 1986
is amended--
(1) by striking ``2013'' in paragraph (1) and inserting
``2016'', and
(2) by striking ``2014'' each place it appears in
paragraphs (2), (3), (4), (6), (7), (9), and (11) and inserting
``2016''.
SEC. 6. 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 ``1/1/2011'' and inserting ``1/1/2016''.
SEC. 7. DENIAL OF DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC
PRODUCTION OF OIL OR PRIMARY PRODUCTS THEREOF.
(a) In General.--
(1) Denial of deduction.--Subparagraph (B) of section
199(c)(4) of the Internal Revenue Code of 1986 is amended by
striking ``or'' at the end of clause (ii), by striking the
period at the end of clause (iii) and inserting ``, or'', and
by inserting after clause (iii) the following new clause:
``(iv) the production, refining,
processing, transportation, or distribution of
oil (or any primary product thereof).''.
(2) Primary product defined.--Section 199(c)(4)(B) of such
Code is amended by adding at the end the following flush
sentence:
``For purposes of clause (iv), the term `primary product' has the same
meaning as when used in section 927(a)(2)(C), as in effect before its
repeal.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2010.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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