New Apollo Energy Act of 2005

New Apollo Energy Act of 2005 - Establishes the New Apollo Energy Act Performance Goals, which the President shall consider when formulating and enforcing national energy policy.

Instructs the Secretary of Energy to coordinate the participation of National Laboratories, universities, commercial industry, and other organizations in implementing this Act.

Sets forth technology research programs concerning: (1) clean energy; (2) energy efficiency; (3) fusion energy; and (4) ultra-deepwater and extended reach drilling and carbon sequestration technologies.

Creates tax incentives, in the form of tax credits and deductions from grosss income, for new technologies.

Sets forth a federal framework for support of diverse energy technology initiatives.

Directs the President to fill the Strategic Petroleum Reserve to full capacity and ensure that the fill rate minimizes impacts on petroleum markets.

Amends the Commodity Exchange Act to grant the Commodity Futures Trading Commission jurisdiction over energy trading markets and metals trading markets.

Sets forth federal assistance programs covering weatherization and energy efficient housing.

Sets forth a national net metering requirement for utilities and interconnection standards for distributive energy generation.

Sets forth initiatives to reduce greenhouse gases including: (1) federal climate change research; (2) national greenhouse gas database; (3) market-driven greenhouse gas reductions; and (4) emission reduction requirements and allocation and use of tradeable allowances.

Establishes the Climate Change Credit Corporation to use the tradeable allowances, and proceeds derived from its trading activities in tradeable allowances, to reduce costs borne by consumers as a result of the greenhouse gas reduction requirements.

Amends the Clean Air Act to set forth a renewable fuel program.

Sets forth a program of loan guarantees for biorefineries and renewable electricity generation facilities.

Balanced Energy Supply Tax Policy Act of 2005 - Amends the Internal Revenue Code of 1986 to: (1) limit tax reductions to revenue raised by tax offsets; and (2) deny treaty benefits for certain deductible payments.

Prescribes guidelines governing the: (1) doctrine of economic substance; (2) penalty for understatements attributable to transactions lacking economic substance; and (3) understatement of taxpayer's liability by income tax return preparer.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov