Bill· HRH.R. 6831 (95th)referred
United States · United States Congress · 2 May 1977
National Energy Act - Establishes the following national energy goals for 1985: (1) reduction of annual growth in energy demand to less than two percent; (2) reduction of oil imports to less than six million barrels per day; (3) reduction of gasoline consumption of 10 percent from 1977 levels; (4) insulation of 90 percent of all homes and all new buildings; (5) increased coal production of at least 400 million tons over 1976 levels; and (6) use of solar energy in at least 2.5 million homes. Title I: Pricing, Regulatory, and Other Nontax Provisions - Directs the Federal Energy Administrator to establish procedures for the submission, approval, and implementation of residential energy conservation plans by State utility regulatory authorities. Prescribes energy conservation measures to be included in such plans. Establishes criteria governing programs to be carried out by public utilities as part of such energy conservation plans. Authorizes exemptions from such requirements where alternative programs will be implemented. Authorizes the Administrator to implement and enforce a Federal plan in the event of inadequate State action. Amends the National Housing Act to direct the Secretary of Housing and Urban Development to prescribe an actuarially sound premium rate for loans for energy conserving improvements. Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to include loans or credits for energy conservation purposes within the scope of such programs. Authorizes additional appropriations for the weatherization assistance program administered by the Federal Energy Administrator under the Energy Conservation and Production Act. Amends the Energy Conservation and Production Act to authorize appropriations for new building performance standard grants by the Secretary of Housing and Urban Development for fiscal years 1978 and 1979. Directs the Federal Energy Administrator to establish energy efficiency standards for specified household appliances. Stipulates that such standards shall reflect the maximum improvement in energy efficiency which is technologically and economically feasible. Authorizes additional appropriations to the Administrator for fiscal year 1977 to carry out such functions. Amends the Motor Vehicle Information and Cost Savings Act to require disclosure of additional information relating to tax liability or tax benefits based on automobile fuel economy. Authorizes the Federal Trade Commission to prescribe rules requiring disclosure of such tax information in television advertisements. Authorizes the Federal Energy Administrator to make grants to States for projects to assist schools and hospitals under approved energy conservation plans. Establishes guidelines and criteria governing the submission of such plans by State Governors to the Administrator for approval. Establishes criteria governing the allotment of Federal funds to States for such purposes. Authorizes the appropriation for $300,000,000 for each of fiscal year 1978, 1979, and 1980 for such grants. Directs the President to establish price ceilings for sales of natural gas in accordance with prescribed criteria. Authorizes the President to establish special pricing provisions where deemed necessary to provide incentives for the production of natural gas or synthetic gas. Amends the Natural Gas Act to extend Federal Power Commission jurisdiction to cover specified gas facilities and transactions. Amends the Emergency Natural Gas Act of 1977 to extend the emergency authorities under such Act until April 30, 1979. Directs State utility regulatory authorities to require that electric utilities meet specified national electric rate design policies which require systems to reduce maximum kilowatt demand. Prohibits rate schedules which allow for decreased rates for increased consumption of electric energy. Prohibits electric utility services to newly-constructed buildings which utilize bulk or master meters. Amends the Federal Power Act to authorize the Federal Power Commission to provide pooling, wheeling, and other additional services in connection with the transmission of power. Directs the Federal Energy Administrator to prescribe rules prohibiting discrimination against cogenerators in the sale and purchase of electric energy. Specifies rate design policies for natural gas utilities to encourage conservation and reduce consumption. Amends the Energy Supply and Environmental Coordination Act of 1974 to prohibit new electric powerplants from using natural gas or petroleum as an energy source. Authorizes exemptions from such requirements for peakload electric powerplants or upon a showing that reliable alternatives are unavailable. Prohibits existing electric powerplants from converting from petroleum to natural gas or from utilizing natural gas as an energy source after January 1, 1990. Authorizes exemptions from such prohibitions for the use of synthetic fuels or innovative technology. Authorizes the Federal Energy Administrator to order powerplants to convert from natural gas or petroleum to coal or other fuels where feasible. Requires permits for existing electric powerplants seeking to increase use of petroleum, based either on necessity or achieving clean air standards or inability to use coal or fuels other than natural gas or petroleum. Prohibits new major fuel-burning installation boilers from using natural gas or petroleum as an energy source. Authorizes the Federal Energy Administrator to prohibit use of petroleum or natural gas by nonboilers and existing fuel-burning installations, in accordance with specified criteria. Authorizes the Administrator of the Environmental Protection Agency to prevent the enforcement of coal conversion orders issued by the Federal Energy Administrator if the affected source is unable to comply with air pollution standards. Authorizes the President to allocate coal supplies to alleviate severe energy shortages. Authorizes the Federal Energy Administrator to prohibit powerplants and major fuel-burning installations from using natural gas or petroleum during such energy shortages as declared by the President. Amends the Energy Policy and Conservation Act to authorize the Federal Energy Administrator to provide for the establishment of a van pooling program for Federal officers and employees. Authorizes appropriations for each of eight fiscal years through fiscal year 1985 for such purpose. Directs the Federal Energy Administrator to establish a program to demonstrate solar heating and cooling technology in Federal buildings. Establishes criteria governing the submission of proposals by the various Federal agencies for approval by the Administrator. Authorizes the Appropriation of $100,000,000 through fiscal year 1980 for such program. Title II: Tax Provisions - Exempts, for the purposes of this Act, the Governments of American Samoa, Guam, and the Virgin Islands from the requirement that they enact the same tax laws as are enacted under the Internal Revenue Code. Allows a non-refundable income tax credit for a portion of the expenses incurred by an individual for the installation of solar energy equipment, insulation, and other energy saving components during taxable years 1977 through 1984 in a pre-existing principal residence. Limits the credits taken by an individual for the same residence by specific amounts for different types of expenditures during different years. Imposes an additional excise tax on automobiles to penalize vehicles with poorer fuel efficiency. Establishes an initial tax scale for the 1978 model year, ranging from $449 on automobiles with less than 13 miles per gallon (mpg) fuel economy to no tax on automobiles with 18 mpg or better. Increases this tax over seven years to a final scale for 1985 and later model years ranging from $2,488 on cars with less than 12.5 mpg fuel economy, to no tax on cars achieving 27.5 mpg or better. Grants a rebate, or excise tax credit to automobile manufacturers for the sale of cars with good fuel efficiency. Establishes a graduated scale of credits initially ranging from $47 for a car with a fuel economy of 19 mpg, to $473 for a car with a fuel economy greater than 39 mpg. Increases this scale over eight years to range from $62 for cars with a rating above 28.5 mpg, to $500 for ratings greater than 39.5 mpg. Limits the credit to sales of domestically manufactured cars, and to foreign made cars pursuant to executive agreements designed to protect domestic manufacturers from adverse effects arising from the fuel efficiency excise taxes and rebates. Imposes a standby gasoline tax, equal to five cents per gallon for each full percentage point that domestic consumption exceeds the national target level for the preceeding year. Establishes target levels which increase to a 1980 high of 7.45 million barrels average daily consumption, and then decrease to 6.5 million barrels daily after 1986. Limits the annual tax increase to five cents per gallon, and the cumulative increase to 50 cents. Assesses the tax on gasoline sold by producers and importers, and on gasoline held for sale by retailers. Allows refunds of this tax, when the applicable tax decreases, on gasoline sold to retailers but not held at the place intended for retail sale, if the decrease is passed on to the retailer through a partial refund. Allows a refundable income tax credit to an individual equal to the product of the individual's personal exemptions and the applicable per capita payment of standby gasoline tax receipts for the taxable year. Directs the Secretary of the Treasury, in consultation with the Federal Energy Administration, to determine the per capita payment upon a base amount, derived by subtracting the anticipated business deductions for the standby gasoline tax from total standby revenues, after accounting for administrative costs. Limits refunds of this credit to individuals qualifying for the earned income credit, or who have dependent children living with them, have earned income, and, if married, have filed joint returns. Increases the excise taxes on special fuels for motorboats and noncommercial aircraft. Repeals the excise tax on motor bus bodies and chassis. Refunds excise taxes paid by producers, manufacturers and importers on buses sold to intermediate dealers, but not yet sold to the ultimate purchaser, where corresponding refunds are made to the dealers and on busses sold to ultimate purchasers after April 20, 1977 and on or before this Act's enactment. Allows investment tax credits for the installation of electric power boosters, coal and other non-petroleum power facilities, coal pollution control devices, solar equipment and other energy conservation devices prescribed by the Secretary of the Treasury in consultation with the Federal Energy Administration. Limits the credit to expenses attributable to construction between April 20, 1977 and January 1, 1983, on pre-existing business property. Imposes, over a two year period, a crude oil equalization tax on domestically produced crude oil, in an amount equal to the higher cost of imported oil, less tariffs and import fees. Refunds the amount of this tax attributable to domestically refined distillate fuel oil, as determined by the Federal Energy Administrator, to retailers where the retailer has sold and delivered the oil into the tank of a residential structure, and reduced the price to the purchaser by an equivalent amount. Directs the Secretary of the Treasury to determine the per capita payment of crude oil equalization taxes, after subtracting business deductions for the tax and retailer refunds from anticipated revenues, and to provide an equivalent income tax credit in the same manner as for rebates of the standby gasoline tax. Grants equivalent rebates from the gasoline standby and crude petroleum use taxes to persons without taxable income by requiring appropriate payments by the States, with Federal reimbursement. Requires early payment of such rebates to persons qualifying for Old Age, Survivors and Disability Insurance benefits and medicaid benefits under the Social Security Act and benefits under the Railroad Retirement Acts of 1935, 1937, or 1974. Requires early payment of such rebates to recipients of aid to families with dependent children, by their States, with Federal reimbursement. Prohibits any computation of such rebates in determining any individual's or family's eligibility for any Federal, State or local aid or assistance, or treatment as an increase in income or a reduction in Federal taxes under State law. Directs all employers to adjust employee withholding taxes to reflect the rebates allowable from the crude oil equalization and gasoline standby taxes. Imposes an oil consumption tax on taxable electric utilities equal to 25 cents per million BTU's used annually after 1982. Imposes an oil consumption tax on other trades or businesses in accordance with a graduated scale of taxable oil use, ranging from 60 percent of 600 billion BTU's to 100 percent of 1,500 BTU's. Increases the tax on the taxable use of oil, over a seven year period, from 15 to 50 cents per million BTU's. Imposes a tax on natural gas use by utilities after 1982, and other businesses after 1978, for an amount equal, after intermediate adjustments during interim periods, to the excess cost of certain distillate petroleum products over natural gas per BTU. Imposes this tax against the same amount of taxable energy use as is liable under the oil consumption tax for non- utilities. Exempts petroleum use otherwise taxable under the retailer or manufacturers excise taxes, and specified uses of petroleum and natural gas from both of the consumption taxes. Allows non-utilities a credit against such taxes for the expenses incurred in the installation, after 1977, of power sources using coal, and for coal preparation, transportation and pollution control devices and facilities. Grants a credit against the consumption taxes to electric utilities for expenses incurred after April 20, 1977 in converting oil or natural gas powered generating equipment to equipment utilizing other fuels. Specifies the minimum tax treatment of intangible drilling expenses relating to oil, gas, and geothermal wells.
Bill· HRH.R. 8444 (95th)passed
United States · United States Congress · 20 July 1977
National Energy Act -- Establishes the following national energy goals for 1985: (1) reduction of annual growth in energy demand to less than two percent; (2) reduction of oil imports to less than six million barrels per day; (3) reduction of gasoline consumption of ten percent from 1977 levels; (4) increased energy efficiency in heating and cooling systems in homes, schools and hospitals; (5) increased coal production of at least 400 million tons over 1976 levels; and (6) use of solar energy in at least 2.5 million homes. Title I: Pricing, Regulatory, and Other Nontax Provisions -- Directs the Federal Energy Administrator to establish procedures for the submission, approval and implementation of residential energy conservation plans by State utility regulatory authorities. Prescribes energy conservation measures to be included in such plans. Establishes criteria governing programs to be carried out by public utilities as part of such energy conservation plans. Authorizes exemptions from such requirements where similar programs for residential customers will be implemented. Authorizes the Administrator to implement and enforce a Federal plan in the event of inadequate State action. Authorizes the appropriation of $5,000,000 for each of the first three fiscal years following the enactment of this Act to the Administrator for such utility program. Directs the Administrator to study the feasibility of energy conservation standards for existing residential buildings. Amends the Energy Policy and Conservation Act to direct the Administrator to prescribe regulations identifying approved energy conservation measures for residential buildings. Amends the Energy Conservation in Existing Buildings Act of 1976 to authorize assistance under the Federal Energy Administration weatherization grant program to families with incomes of up to 125 percent of the poverty level. Directs the Administrator to develop regulations designed to include use of optimum cost-effective energy conservation measures in such program. Increases the appropriations authorized for such programs to $130,000,000 for fiscal year 1978 and $200,000,000 for each of fiscal years 1979 and 1980. Amends the Housing Act of 1949 to direct the Secretary of Housing and Urban Development to establish a weatherization grant program designed to achieve energy conservation objectives. Amends the Federal National Mortgage Association Charter Act to direct the Secretary of Housing and Urban Development to order the Federal National Mortgage Association to provide financial assistance for the purchase of energy conserving improvements for low and moderate income families' dwellings. Amends the National Housing Act to authorize the Secretary to insure loans for such energy conservation improvements. Amends the National Housing Act and the Housing Act of 1949 to require promotion of the use of energy saving techniques through minimum property standards for newly constructed residential housing. Directs the Secretary of Housing and Urban Development to study the feasibility of requiring all residential dwelling units to meet energy efficiency standards. Amends the Energy Conservation Standards for New Buildings Act of 1976 to authorize the appropriation of an additional $10,000,000 for each of fiscal years 1978 and 1979 for grants to States and localities under such Act. Directs the Federal Energy Administrator, the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Administrator of the Community Services Administration to conduct a joint study of the weatherization activities undertaken after the enactment of this Act. Amends the Energy Policy and Conservation Act to direct the Federal Energy Administrator to establish energy efficiency standards for specified household appliances. Stipulates that such standards shall reflect the maximum improvement in energy efficiency which is technologically and economically feasible. Authorizes additional appropriations to the Administrator for fiscal year 1977 to carry out such functions. Amends the Motor Vehicle Information and Cost Savings Act to require disclosure of additional information relating to tax liability based on automobile fuel economy. Authorizes the Federal Trade Commission to prescribe rules requiring disclosure of such tax information in television advertisements. Amends the Energy Policy and Conservation Act to direct the Federal Energy Administrator to establish targets for specified industries for increased use of energy-saving recovered materials by 1987. Requires major corporations in the affected industries to file reports on progress toward achieving such targets. Authorizes the Federal Energy Administrator to make grants to States for projects to assist schools and health care facilities under approved energy conservation plans. Establishes guidelines and criteria governing the submission of such plans by State Governors to the Administrator for approval. Establishes criteria governing the allotment of Federal funds to States for such purposes. Authorizes appropriations for fiscal years 1978, 1979, and 1980 for such grants. Specifies criteria to be utilized by the Federal Power Commission in regulating prices charged for natural gas. Authorizes the Commission to prescribe special prices for first sales of high cost natural gas. Prohibits curtailment of natural gas supplies for essential agricultural purposes. Amends the Emergency Natural Gas Act of 1977 to extend the emergency authorities under such Act until April 30, 1979. Prescribes national minimum standards for State-regulated electric utilities with respect to rates, advertising, and pollution control costs. Requires that utility rate schedules reflect actual costs of service. Prohibits increases in rates by utilities without prior approval following evidentiary hearings. Requires utilities to offer alternative load management techniques to reduce maximum kilowatt demand. Directs the Federal Power Commission to consider imposing restrictions on the use of bulk or master meters in buildings. Requires disclosure of proposed and existing rate schedules by utilities to consumers. Authorizes consumer intervention in utility rate proceedings. Establishes enforcement and judicial review procedures for utility regulatory provisions of this Act. Amends the Federal Power Act to authorize the Federal Power Commission to provide pooling, wheeling, and other additional services in connection with the transmission of power. Directs the Commission to require utilities to report anticipated shortages and to prescribe rules prohibiting discrimination against cogenerators in the sale and purchase of electric energy. Prescribes procedures for consideration of proposed changes in electric utility rate schedules by the Commission. Amends the Energy Conservation and Production Act to authorize the Federal Energy Administrator to make grants to State utility regulatory commissions for the following purposes: (1) to increase the quantity and quality of State regulatory staff; (2) to establish programs to meet Federal consumer representation requirements; and (3) to demonstrate innovative rate structures. Authorizes the appropriation of $40,000,000 in any fiscal year for grants to improve staffing. Authorizes the appropriation of $5,000,000 for grants for consumer representation, and $5,000,000 for grants for rate structure innovation. Amends the Federal Power Act to establish an Office of Public Counsel in the Federal Power Commission for the purpose of adequate representation of consumer interests before the Commission. Authorizes appropriations for fiscal years 1978 through 1981 for such Office. Authorizes the office to pay reasonable fees to certain participants in evidentiary hearings, not to exceed $2,000,000 for all such persons in any fiscal year. Directs the Federal Energy Administrator to develop rate design proposals for natural gas utilities to encourage conservation and reduce consumption. Prescribes minimum standards applicable to natural gas utilities. Details enforcement and judicial review procedures. Amends the Federal Power Act to authorize the Federal Power Commission to provide Financial assistance for small hydroelectric power projects in connection with existing dams. Authorizes the appropriation of $50,000,000 for grants and $50,000,000 for loans for each of fiscal years 1978, 1979 and 1980, for such purposes. Prohibits new electric powerplants and other major fuel-burning installations from using natural gas or petroleum as a primary energy source. Prohibits existing electric powerplants from using natural gas after January 1, 1990. Requires existing facilities to convert from natural gas to other fuel sources. Authorizes the Federal Energy Administrator to grant exemptions from such requirements for specified reasons. Authorizes the appropriation of $11,500,000 to the Administrator for fiscal year 1978 to carry out such coal conversion authority. Directs the Administrator of the Environmental Protection Agency to monitor the commission of powerplants and major fuel-burning installations required to convert to coal and other fuels under this Act. Authorizes $2,000,000 for fiscal year 1978 for such study. Directs the Federal Energy Administrator to study the socioeconomic impacts of expanded coal production resulting from this Act. Amends the Energy Policy and Conservation Act to authorize the Secretary of Transportation to provide for the establishment of a van pooling program for Federal officers and employees. Authorizes appropriations for each of five fiscal years through fiscal year 1982 for such purpose. Authorizes additional appropriations to the President to carry out Federal energy conservation programs established under the Act. Directs the Federal Energy Administrator to establish a program to demonstrate solar heating and cooling technology in Federal buildings. Establishes criteria governing the submission of proposals by the various Federal agencies for approval by the Administrator. Authorizes the appropriation of $100,000,000 through fiscal year 1980 for such program. Directs the Administrator to establish procedures governing the use of life cycle cost methods for evaluating energy requirements and alternatives for Federal buildings. Directs the Administrator to establish energy performance targets for existing buildings. Requires energy audits and retrofitting of existing Federal buildings to achieve compliance with such guidelines. Federal Photovoltaic Utilization Act -- Establishes a photovaltaic energy commercialization program for the accelerated procurement of photovoltaic solar electric systems in new and existing Federal facilities, primarily for use by the Department of Defense. Authorizes the Federal Energy Administrator to make contracts for the acquisition of such photovoltaic systems. Directs the Administrator, together with the Administrator of the Energy Research and Development Administration, to jointly establish a photovoltaic systems evaluation and purchase program designed to insure that such systems reflect the most advanced technology. Establishes an advisory committee to assist in the establishment and conduct of the program. Authorizes the appropriation of $39,000,000 for photovoltaic system acquisition for fiscal years 1978 through 1981. Title II: Tax Provisions -- Energy Tax Act - Allows a nonrefundable income tax credit for a portion of the expenses incurred by an individual for the installation of solar and wind energy equipment, insulation, and other energy saving components during taxable years 1977 through 1983, in a pre-existing principal residence. Imposes an additional excise tax on automobiles to penalize vehicles with poor fuel efficiency. Establishes an initial tax scale for the 1979 model year, ranging from $553 on automobiles with less than 13 miles per gallon (mpg) fuel economy to no tax on automobiles with 15 mpg or better. Increases this tax over six years to a final scale for 1985 and later model years ranging from $3,856 on cars with less than 12.5 mpg fuel economy, to no tax on cars achieving 23.5 mpg or better. Provides that transfers received under this "Gas Guzzler Tax" are to be paid into a new Treasury trust fund (the Public Debt Retirement Trust Fund) and applied toward the retirement of the public debt. Repeals the income tax deduction for State and local taxes on gasoline and other motor fuels. Postpones the scheduled rate reductions for the excise taxes on gasoline and other motor fuels from 1979 to 1985. Increases the motorboat fuel tax by two cents a gallon. Provides that such taxes will no longer be paid into the Land and Water Trust Fund after 1978, replacing the former 1980 cutoff date. Repeals the excise tax on motor bus bodies and chassis. Refunds excise taxes paid by producers, manufacturers, and importers on buses sold to intermediate dealers, but not yet sold to the ultimate purchaser, where corresponding refunds are made to the dealers and on buses sold to ultimate purchasers after April 20, 1977 and before the first date after this enactment. Exempts sales of bus parts for automobile buses from the excise tax on bus parts. Repeals the excise tax on tires, tubes, and tread rubber used on buses used predominantly in transporting students and school employees, or on scheduled, common carrier, local, or intercity routes. Refunds the excise taxes paid on gasoline, other motor fuels, and lubricating oil used in such buses. Allows individuals an income tax credit for the first $300 in expenses incurred for the acquisition of any new electric motor vehicle, designed for non-rail transportation on public streets, after April 20, 1977. Imposes, over a two year period, a crude oil equalization tax on domestically produced crude oil and liquid natural gas for an amount equal to the cost of imported oil, less tariffs and import fees. Terminates such tax September 30, 1981. Allows the President, subject to the disapproval of either House of Congress, to suspend increases in such tax for up to one year where the President determines it would have a serious effect on the U.S. economy when combined with new price increases for imported oil. Directs the Secretary of Energy to report to Congress within 90 days of this enactment on the competitive viability of small and independent refiners, the effects of this tax on them, and remedial legislation the Secretary deems appropriate. Refunds receipts on this tax attributable to domestically refined distillate fuel oil, as determined by the Secretary of Energy, to retailers where they have sold and delivered the oil into the tank of a school, hospital, church or residential structure, and reduces the purchaser's price by an equivalent amount. Directs the Secretary of the Treasury to determine, in consultation with the Secretary of Energy, the amount of net crude oil taxes received after administrative expenses and refunds for exempted uses. Provides a per capita refund of each adult's proportionate share of these payments for 1978, either as an income tax credit, or as a special payment, upon application, in 1979. Provides double payments to heads of households and persons filing joint tax returns. Requires early payment of such rebates to persons qualifying for Old Age, Survivors and Disability Insurance benefits and medicaid benefits under the Social Security Act and benefits under the Railroad Retirement Acts of 1935, 1937, or 1974. Requires early payment of such rebates to recipients of aid to families with dependent children, by their States, with Federal reimbursement. Provides for the same taxpayer disbursement to Puerto Rico residents and residents of U.S. possessions under plans drafted by their governors and approved by the Secretary of the Treasury. Provides for the payment of crude oil tax payments into a Crude Oil Equalization Taxes Trust Fund pending disbursement to taxpayers, with any excess remaining after 1979 to be paid into the general fund of the Treasury. Establishes an excise tax on the business use of oil and gas. Provides different tax rates for uses of oil (including all petroleum and petroleum products except natural gas and gasoline) according to three "tiers" of usage, the lowest tier tax rate being provided utilities and other energy producers, with the highest rate applied against uses in internal combustion engines. Exempts a large number of uses from the tax (generally applying to residential, transportation, petrochemical, retail and other non-manufacturing activities, as well as uses where substitute fuels are not feasible or are precluded by Federal or State pollution regulations). Allows each taxpayer an exempt amount of 50,000 barrels of oil (or its BTU equivalent) for application in taxable business uses. Provides for the reclassification of uses by the Secretary of the Treasury, in consultation with the appropriate Federal agencies, where a lower tax classification is consistent with the policy to encourage conversion from, or conservation of, oil and gas, or where a specific facility is otherwise granted an exemption under this Act on its use of petroleum fuels. Applies different tax rates for the three tiers of natural gas usages, the rates for non-utility/energy producer uses gradually filling the "price gap" in the user's geographic area between natural gas and more expensive petroleum. Defines the tiers of natural gas uses and exempt uses of natural gas in the same manner as for business uses of oil, lumping natural gas and oil together for purposes of computing the user's exempt amount. Allows the President to suspend the tax for up to one year, subject to the disapproval of either House of Congress. Allows taxpayers to elect a nonrefundable tax credit against the tax on business use of oil and gas for new depreciable property which uses alternative fuels, or is used for transporting or producing alternative fuels, or is supplementary pollution control property not otherwise required by law. Allows a carryover of the allowable credit to the extent that it exceeds the taxpayer's current liability for such tax. Requires that the election for such credit be made before or on the taxpayer's filing deadline for the first taxable year ending after 1978, or 1982 in the case of a regulated public utility. Prescribes special administrative provisions and definitions for property eligible for this credit. Allows a taxpayer to elect a regular investment tax credit for this property to the extent that it qualifies for the same, and to the extent that the taxpayer's current liability for the business use tax (minus carryovers) is exceeded by the allowable business use tax credit. Provides an additional business investment tax credit of ten percent for the period April 20, 1977 through 1982 for property which is not qualified for the regular investment credit but which is alternative energy equipment, recycling equipment, or is otherwise qualified under the definitions of this Act, or under regulations prescribed by the Secretary of the Treasury, in consultation with the Secretary of Energy, to cover energy efficient property. Denies the investment tax credit for air conditioning and heating units, and boilers and other combustors fueled by petroleum or petroleum products (including natural gas) where coal is not prohibited by Federal or State pollution regulations. Limits the depreciation deduction of petroleum, petroleum product, or natural gas fueled boilers placed in service after June 30, 1977, to the straight line method. Allows the straight line depreciation deduction for boilers in use before April 21, 1977, to be taken against a line "drawn" to any early retirement dates established by the taxpayer for the boilers to the satisfaction of the Secretary of the Treasury. Makes the Tax Reduction and Simplification Act's temporary reduction in the minimum tax preference for intangible drilling costs a permanent reduction. Allows the deduction of intangible drilling expenses for geothermal wells to the same extent and manner as drilling expenses for gas and oil wells. Allows a ten percent depletion dedication for geothermal deposits, provided that it does not exceed the property's adjusted basis. Exempts oil used for producing rerefined lubricating oil from the excise tax on lubricating oil. Directs the President to make annual reports to Congress on the tax, energy and other relevant effects of this title's provisions. Establishes congressional procedures for disapproval, by either House, of Presidential suspensions of the energy excise taxes. Provides administrative provisions for the collection, determination and disbursement of the taxes, rebates, credits, and deductions established under this title.