Clean Energy Jobs Act of 2011 - Amends the Internal Revenue Code to extend through 2016: (1) the income and excise tax credits for biodiesel and renewable diesel used as fuel and for alcohol used as fuel, (2) the cellulosic biofuel producer tax credit, and (3) the reduced credit for ethanol blenders.
Amends the Harmonized Tariff Schedule of the United States to extend through 2016 the additional tariff on ethyl alcohol blends (ethanol) used as fuel.
Requires seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines a "covered large oil company" as a taxpayer that is a major integrated oil company or that has gross receipts in excess of $50 million in a taxable year.
Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including: (1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; (2) expensing of intangible drilling and development costs in the case of gas wells and geothermal wells; (3) percentage depletion; (4) the tax deduction for qualified tertiary injectant expenses; (5) the exemption from limitations on passive activity losses; and (6) the tax deduction for income attributable to domestic production activities.
Dedicates any increase in revenues resulting from this Act to the reduction of a federal budget deficit or the federal debt.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 851 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 851
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 1, 2011
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 tax incentives and to repeal fossil fuel subsidies for large oil
companies.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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.
TITLE I--RENEWABLE FUELS
SEC. 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.
SEC. 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.
SEC. 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.
SEC. 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''.
TITLE II--FOSSIL FUELS
SEC. 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.
SEC. 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.
SEC. 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.
SEC. 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.
SEC. 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.
SEC. 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.
SEC. 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.''.
SEC. 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.
TITLE III--INCREASED REVENUES TO REDUCE FEDERAL BUDGET DEFICIT
SEC. 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.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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