Strategic Energy Fund Act of 2007

Key: what the circles and colors mean

Each circle is a bill. The ring fills as it moves through Congress:

IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.

Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.

Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D ClintonSponsor

No cosponsors.

Strategic Energy Fund Act of 2007 - Amends the Internal Revenue Code to establish in the Treasury the Strategic Energy Fund to finance the energy conservation and research initiatives set forth by this Act.

What it does: CRS summary · Introduced in Senate · Feb 28, 2007

Increases the tax credits for: (1) investment in alternative fuel vehicle refueling property; (2) small ethanol producers of sucrose or cellulosic ethanol; and (3) investment in advanced coal projects.

Extends tax credits for: (1) alcohol used as fuel through 2012; (2) electricity produced from certain renewable resources through 2013; and (3) solar energy property through 2014. Increases the number of hybrid and advanced lean burn technology vehicles eligible for the full amount of the tax credit for alternative motor vehicles.

Extends through 2015: (1) the tax credits for biodiesel used as fuel, investment in fuel cell property, new energy efficient home expenditures; and (2) the tax deduction for energy efficient commercial property expenditures.

Allows new tax credits for the manufacture of advanced technology motor vehicles, including plug-in hybrid vehicles and investment in small wind energy property.

Directs the Administrator of the Environmental Protection Agency to establish a grant program for geological disposal deployment projects.

Directs the Secretary of Energy to establish the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment to implement innovative programs for energy conservation.

Imposes for taxable years beginning during 2007 or 2008 a 50% excise fee on the excess profit of certain integrated oil companies and producers or refiners of crude oil with gross receipts exceeding $100 million. Provides for the transfer of excise fees to the Strategic Energy Fund.

Eliminates certain tax benefits for major oil companies, producers, or refiners, including: (1) the tax deductions for intangible drilling and development costs and for income attributable to domestic production of oil, natural gas, or related products; (2) accelerated amortization of geological and geophysical expenditures; and (3) the tax credit for enhanced oil recovery expenditures and certain foreign tax credits and deferrals.

Grants the Secretary of the Interior authority to suspend royalty relief for lessees of federal oil-producing properties and to renegotiate leases based upon price thresholds for oil and natural gas.

Places limits on depreciation of certain non-farm heavy passenger motor vehicles.

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

About this bill and sources

Official title: Strategic Energy Fund Act of 2007

Latest action (Feb 28, 2007): Read twice and referred to the Committee on Finance.

Policy area: Energy · Origin: Senate · Introduced: Feb 28, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.