H.R. 4420 · 109th Congress
To repeal tax subsidies enacted by the Energy Policy Act of 2005 for oil and gas, to repeal certain other oil…
Full title
To repeal tax subsidies enacted by the Energy Policy Act of 2005 for oil and gas, to repeal certain other oil and gas subsidies in the Internal Revenue Code of 1986, and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981 and to provide weatherization assistance.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SandersSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Energy Policy Act of 2005 to repeal tax provisions that allow: (1) a taxpayer election to expense 50% of the cost of crude oil refinery property with a specified production capacity placed in service before January 1, 2008; and (2) the amortization of geological and geophysical expenditures for the exploration for, or development of, oil or gas…
What it does: CRS summary · Introduced in House · Nov 18, 2005
Amends the Energy Policy Act of 2005 to repeal tax provisions that allow: (1) a taxpayer election to expense 50% of the cost of crude oil refinery property with a specified production capacity placed in service before January 1, 2008; and (2) the amortization of geological and geophysical expenditures for the exploration for, or development of, oil or gas within the United States over a 24-month period.
Amends the Internal Revenue Code to repeal: (1) enhanced oil recovery credits; (2) credit for production of low sulphur diesel fuel; (3) credit for producing fuel from a nonconventional source; (4) the deduction for capital costs incurred in complying with Environmental Protection Agency sulfur regulations; and (5) the deduction of expenses for intangible drilling and development costs for oil wells, gas wells, and geothermal wells.
Appropriates specified amounts to: (1) the Secretary of Health and Human Services for allotment of emergency funds for low-income home energy assistance, and (2) the Secretary of Energy to carry out weatherization assistance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To repeal tax subsidies enacted by the Energy Policy Act of 2005 for oil and gas, to repeal certain other oil and gas subsidies in the Internal Revenue Code of 1986, and to use the proceeds to carry out the Low-Income Home Energy Assistance Act of 1981 and to provide weatherization assistance.
Latest action (Mar 27, 2006): Referred to the Subcommittee on Education Reform.
Policy area: Energy · Origin: House · Introduced: Nov 18, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.