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401 records in US in 2006
United States · United States Congress · 11 May 2006
Simplification Through Additional Reporting Tax Act of 2006 - Amends the Internal Revenue Code to include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers.
United States · United States Senate · 10 May 2006
United States · United States Congress · 10 May 2006
Alternative Energy Refueling System Act of 2006 - Amends the Solid Waste Disposal Act to require the Administrator of the Environmental Protection Agency (EPA) to establish a program to provide eligible entities (refueling vendors or owners or operators of a facility where an alternative energy refueling system is located), for FY2007-FY2011, reimbursement from the Leaking Underground Storage Tank Trust Fund for a portion of the costs of purchasing and installing one or more alternative energy refueling systems (systems used to refuel motor vehicles with an alternative fuel such as compressed natural gas or E-85 ethanol). Prohibits an entity that receives a federal tax credit for placing in service a qualified alternative fuel vehicle refueling property from receiving reimbursement under this Act if the system cost was taken into consideration in calculating the tax credit. Limits reimbursement to: (1) two systems for each facility owned by an eligible entity; and (2) the lesser of 30% of a system's cost or $30,000.
United States · United States Congress · 10 May 2006
Sets forth the rule for further consideration of H.R. 5122 (National Defense Authorization Act for Fiscal Year 2007).
United States · United States Senate · 9 May 2006
United States · United States Congress · 9 May 2006
Military Construction Authorization Act for Fiscal Year 2007 - Authorizes the Secretary of Defense (Secretary) and the Secretaries of each military department to acquire real property and carry out military construction projects in specified amounts at specified installations and locations. Authorizes each department Secretary to construct or acquire family housing units and to improve existing military family housing in specified amounts. Authorizes appropriations to the Department of Defense (DOD) and each military department for fiscal years after 2006 for military construction, land acquisition, and military family housing functions. Limits the total cost of authorized construction projects. Modifies certain prior-year construction projects. Authorizes the Secretary to make contributions for the North Atlantic Treaty Organization Security Investment Program and authorizes appropriations for fiscal years after 2006 for such Program. Authorizes appropriations for fiscal years after 2006 for National Guard and reserve forces for acquisition, architectural and engineering services, and construction of facilities. Terminates all authorizations contained in this Act on October 1, 2009, or the date of enactment of an Act authorizing funds for military construction for FY2010, whichever is later, with exceptions. Extends certain prior-year military construction projects. Authorizes specified military land conveyances.
United States · United States Congress · 9 May 2006
National Defense Authorization Act for Fiscal Year 2007 - Authorizes appropriations for the Department of Defense (DOD), military construction, and national security programs of the Department of Energy (DOE) for FY2007. Authorizes appropriations to DOD for: (1) procurement, including aircraft, missiles, weapons and tracked combat vehicles, ammunition, shipbuilding and conversion, and other procurement; (2) research, development, test, and evaluation, including missile defense; (3) operation and maintenance, including defense working capital funds, the defense health program, chemical agents and munitions destruction, and environmental restoration; (4) active and reserve military personnel, including end strengths; (5) the North Atlantic Treaty Organization Security Investment Program; (6) Guard and reserve forces facilities; (7) increased costs due to Operations Iraqi Freedom and Enduring Freedom; and (8) the Defense Nuclear Facilities Safety Board. Sets forth provisions or requirements concerning: (1) active and reserve military personnel, including promotion policy and joint officer management; (2) military education and training, including defense dependents' education; (3) military pay and allowances; (4) retired pay and survivor benefits; (5) military health care; (6) acquisition policy and management, including defense industrial base matters; (7) DOD organization and management, including space activities; (8) financial, counterdrug, defense intelligence, and defense against terrorism and related security matters; (9) civilian personnel matters; (10) matters relating to other nations; and (11) cooperative threat reduction with states of the former Soviet Union. Military Construction Authorization Act for Fiscal Year 2007 - Authorizes appropriations for FY2007 for military construction for the Armed Forces and defense agencies.
United States · United States Congress · 9 May 2006
Department of Defense Authorization Act for Fiscal Year 2007 - Authorizes appropriations to the Department of Defense (DOD) for FY2007. Authorizes appropriations to DOD for: (1) procurement, including aircraft, missiles, weapons and tracked combat vehicles, ammunition, shipbuilding and conversion, and other procurement; (2) research, development, test, and evaluation, including science and technology projects and ballistic missile defense programs; (3) operation and maintenance, including defense working capital funds, the defense health program, chemical agents and munitions destruction, drug interdiction and counter-drug activities, and environmental restoration; and (4) active and reserve personnel, including end strengths and the Armed Forces Retirement Home. Extends certain bonus, special, and incentive pay authorities. Authorizes certain: (1) travel and transportation allowances; and (2) military retired pay and survivor benefits. Sets forth provisions or requirements concerning: (1) active and reserve military personnel policy; (2) military education and training; (3) defense dependents' education; (4) military health care; (5) acquisition policy and management, including defense industrial base and defense contractor matters; (6) DOD organization and management, including space activities; (7) budget and financial matters; (8) counter-drug activities and matters related to homeland security; (9) DOD civilian personnel policy; (10) matters relating to other nations; and (11) cooperative threat reduction with states of the former Soviet Union. Authorizes appropriations for DOD for FY2007 for additional costs due to Operations Iraqi Freedom and Enduring Freedom, specifically for: (1) procurement; (2) operation and maintenance; (3) the defense health program; (4) military personnel; (5) the Joint Improvised Explosive Device Defeat Fund; (6) classified programs; and (7) the Iraq Freedom Fund.
United States · United States Congress · 9 May 2006
Department of Energy National Security Act for Fiscal Year 2007 - Authorizes appropriations to the Department of Energy (DOE) for FY2007 for: (1) activities of the National Nuclear Security Administration in carrying out programs necessary for national security, with specified allocations for weapons activities, defense nuclear nonproliferation, naval reactors, and the Office of the Administrator for Nuclear Security; and (2) environmental management activities in carrying out national security programs, with specified allocations for defense environmental cleanup, other defense activities, and defense nuclear waste disposal. Authorizes the Secretary of Energy to enter into agreements for international contributions to the: (1) Global Threat Reduction Initiative; and (2) Second Line of Defense Core Program. Provides a limitation on the availability of funds authorized under this Act with respect to: (1) cleanup activities for the Waste Treatment and Immobilization Plant; (2) implementation of the Russian Surplus Fissile Materials Disposition Program; and (3) a construction project at the Mixed-Oxide Fuel Fabrication Facility. Authorizes appropriations for FY2007 for the Defense Nuclear Facilities Safety Board.
United States · United States Congress · 9 May 2006
Breaking Our Long-Term Dependence Energy Act of 2006 or the BOLD Energy Act of 2006 - Directs the Secretary of Transportation to establish: (1) a rebate program for reducing fuel consumption levels; and (2) a National Tire Efficiency Program. Requires motor vehicle manufacturers to equip 30% of their 2011 models and 100% of all 2017 models with alternative fuel technology. Amends the Internal Revenue Code to allow new tax credits for: (1) idling reduction devices; (2) the manufacture of advanced technology motor vehicles; (3) wind energy property; and (4) investment in clean energy coal bonds and combined heat and power system property. Repeals the limitation on the number of hybrid and advanced lean burn technology vehicles eligible for the alternative motor vehicle tax credit. Extends through 2010: (1) the tax credits for electric vehicles, energy efficient homes, and nonbusiness energy property; and (2) the tax deduction for energy efficient commercial buildings. Extends through 2012 tax credits for: (1) producing energy from certain renewable resources; (2) investment in clean renewable energy bonds; (3) residential energy efficient property; and (4) investment in solar energy property. Extends through 2013 income and excise tax credits for alcohol, biodiesel, and renewable diesel used as fuel. Increases from 30 to 50% the tax credit rate for alternative vehicle refueling property (service stations for dispensing alternative fuels to retail consumers) and extends such credit through 2013. Allows use of civil penalties for noncompliance with fuel economy standards to finance alternative vehicle refueling properties. Increases the tax credit rate for enhanced oil recovery from 15 to 20% for enhanced oil recovery project costs. Directs the Secretary of Energy to establish programs for: (1) new vehicles technology research and development; (2) building refineries for converting coal into liquid transportation fuel; (3) energy trading credits; and (4) advanced clean low-rank coal development. Directs the Secretary of the Interior to offer the 181 Area (Gulf of Mexico) for oil and gas leasing within one year of enactment of this Act. Amends the Clean Air Act to: (1) increase the volume of renewable fuels (including biodiesel) to 30 billion gallons by 2025; (2) increase the level of cellulosic biomass and sugar in renewable fuels; (3) establish a program to produce cellulosic ethanol and ethanol produced from sugar; and (4) set forth a renewable fuel program for the diesel motor pool. Authorizes appropriations for projects to promote the transition to a hydrogen-based economy.
United States · United States Congress · 9 May 2006
401Kids Family Savings Act of 2006 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts. Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.
United States · United States Congress · 9 May 2006
Retirement Enhancement Act of 2006 - Amends the Internal Revenue Code to increase limits on contributions to certain tax-exempt retirement plans, including: (1) individual retirement accounts; (2) deferred compensation plans, including plans of state and local governments and tax-exempt organizations; and (3) defined contribution plans. Allows a one-time taxpayer election to double adjusted gross income levels used to determine the allowable amount of the tax credit for retirement savings contributions. Makes such tax credit permanent.
United States · United States Congress · 9 May 2006
E-85 Investment Act of 2006 - Amends the Internal Revenue Code to modify the tax credit for alternative fuel vehicle refueling property by: (1) increasing to 75% the rate of such credit for property using 85% ethanol fuel; (2) reducing the maximum dollar amount of such credit in 2013 and 2014 for ethanol-related refueling property; and (3) extending such credit through 2016 for ethanol-related refueling property.
United States · United States Congress · 9 May 2006
Waives points of order against consideration of the conference report on H.R. 4297 (Tax Relief Extension Reconciliation Act of 2005).
United States · United States Congress · 9 May 2006
Sets forth the rule for consideration of H.R. 5122 (National Defense Authorization Act for Fiscal Year 2007).
United States · United States Congress · 8 May 2006
Reimbursing Our American Drivers (ROAD) Act of 2006 - Increases to 60 cents per mile, for the period after December 31, 2005, and before January 1, 2007: (1) the standard mileage rate for calculating the tax deduction for business, medical, moving, and charitable use of an automobile; and (2) the standard mileage rate for reimbursement of federal employee automobile expenses.
United States · United States Congress · 5 May 2006
Energy Production, Refining, Infrastructure, Conservation and Efficiency Act, or the Energy PRICE Act - Directs the Secretary of the Interior to establish and implement a competitive leasing program for the exploration, development, and production of the oil and gas resources of the Coastal Plain (Arctic National Wildlife Refuge, ANWR). Establishes in the Treasury the Coastal Plain Local Government Impact Aid Assistance Fund. Amends the Internal Revenue Code to create an enhanced tax credit for oil recovery projects using qualified carbon dioxide in a method involving flooding or injection. Amends Armed Forces procurement law to extend to cap at 25 years the multiyear contract authority of the Department of Defense to procure fuel derived from coal, oil shale, and tar sands. Instructs the Administrator of the Environmental Protection Agency (EPA), upon request of a state or Indian tribe, to enter into an refinery permitting agreement to streamline the permit process for the construction and operation of a refinery. Amends the Clean Air Act to: (1) hold a state harmless and not require it to revise its implementation plan to account for the emissions from a waiver granted by the Administrator; and (2) revise boutique fuel requirements. Directs the EPA Administrator to: (1) conduct a research and demonstration program to evaluate the air quality benefits of ultra-clean Fischer-Tropsch transportation fuel, including diesel and jet fuel; and (2) evaluate the use of such fuel to reduce engine exhaust emissions. Amends the Internal Revenue Code to: (1) provide for full expensing of qualified refinery property; (2) treat certain oil and gas pipelines as five-year property for depreciation purposes; and (3) except tax-exempt financing of energy transportation infrastructure from the private business use test. Amends the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users to repeal the prohibition against demolition of the Brightman Street Bridge (Massachusetts) and the requirement of its maintenance as an emergency service route. Amends federal transportation law to revise the considerations the Secretary of Transportation (Secretary) must take into account when deciding maximum feasible average fuel economy standards. Directs the Secretary to issue new regulations setting forth increased average fuel economy standards for passenger automobiles. Requires the Administrator of the Federal Energy Regulatory Commission (FERC) to solicit applications for grants under the EPA Natural Gas STAR Program to pay the federal share of project costs for reduction of methane emissions in the oil and gas industries.
United States · United States Senate · 4 May 2006
United States · United States Congress · 4 May 2006
Business Activity Tax Simplification Act of 2006 - Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.
United States · United States Congress · 4 May 2006
Research Competitiveness Act of 2006 - Amends the Internal Revenue Code to: (1) modify the tax credit for increasing research expenses to establish a standard 20% credit rate for research expenses exceeding 50% of average expenses over the preceding three year period; (2) establish a uniform 80% reimbursement rate for all contract research expenses (100% for basic research payments); (3) make such tax credit permanent; (4) allow a tax credit for equity investments in small business innovation companies; and (5) allow the issuance of tax exempt facility bonds for research park facilities used in connection with research and experimentation. Directs the Secretary of the Treasury to issue regulations on the application of private activity bond rules to the funding of federal research agreements.
United States · United States Congress · 4 May 2006
Enhanced Energy Security Tax Incentives Act of 2006 - Amends the Internal Revenue Code to extend through 2010 the tax credits for: (1) producing electricity from certain renewable resources; (2) investment in clean renewable energy bonds; (3) new energy efficient homes; (4) nonbusiness energy property; (5) residential energy efficient property; (6) investment in qualified fuel cell and microturbine property and solar energy property; (7) alternative fuels; and (8) qualified electric vehicles. Extends through 2010 the tax deduction for energy efficient commercial building property. Allows accelerated three-year depreciation of qualified energy management and water submetering devices. Limits depreciation allowances for certain large passenger motor vehicles. Removes the limitation on the number of new qualified hybrid and advanced lean burn technology vehicles eligible for the alternative motor vehicle tax credit. Allows tax credits for investment in advanced technology motor vehicles, fuel-efficient fleets of motor vehicles used in a trade or business, idling reduction devices, and combined heat and power system property. Terminates such credits after 2010. Increases from 30 to 50% the tax credit rate for investment in alternative vehicle refueling property (service stations for dispensing alternative motor vehicle fuels to retail consumers) and extends such credit through 2010. Requires certain integrated oil companies with gross receipts over $1 million and crude oil production levels over 500,000 barrels to revalue their LIFO inventories of crude oil, natural gas, and other petroleum products according to a specified formula. Denies such oil companies: (1) two-year amortization of their geological and geophysical expenditures; and (2) foreign tax credits for payments to foreign countries from which they receive a specified economic benefit.
United States · United States Congress · 4 May 2006
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) the ultra-deepwater and unconventional natural gas and other petroleum resources program; (7) Alaska offshore royalty suspension; (8) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (9) the exemption of small oil refiners from limitations on the oil depletion allowance; and (10) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
United States · United States Congress · 4 May 2006
Summer Relief for Motorists Act of 2006 - Expresses the sense of Congress that states can assist motorists by temporarily suspending state gasoline taxes without jeopardizing their commitment to transportation infrastructure investment. Amends the Internal Revenue Code to suspend excise taxes on gasoline, diesel fuel, and kerosene from the enactment of this Act until September 4, 2006 (suspension period). Provides for reimbursement to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund for tax revenues lost during the suspension period. Requires the Secretary of the Interior to suspend the application of any federal law exempting crude oil and natural gas producers from the payment of royalties for production activities on federal lands during periods when the average price of crude oil exceeds $35.86 per barrel and the average wellhead price of natural gas exceeds $4.48 per 1,000 cubic feet.
United States · United States Congress · 4 May 2006
Passport Deduction for Border States Act of 2006 - Amends the Internal Revenue Code to allow residents of states which have a boundary in common with Canada or Mexico a tax deduction from gross income (available to non-itemizing taxpayers) for passport application fees.
United States · United States Congress · 4 May 2006
Renewable Energy Enhancement Act of 2006 - Amends the Internal Revenue Code to extend through 2015: (1) tax credits for investment in certain solar energy properties and qualified fuel cell and microturbine properties; (2) the tax credit for residential energy efficient property expenditures; and (3) tax credits for expenditures for nonbusiness geothermal heat pumps and geothermal and solar energy facilities used to produce electricity. Increases from $2,000 to $5,000 the maximum amount of the tax credit for photovoltaic and solar water heating property expenditures.
United States · United States Senate · 3 May 2006
United States · United States Senate · 3 May 2006
United States · United States Senate · 3 May 2006
United States · United States Senate · 3 May 2006
United States · United States Congress · 3 May 2006
Amends the Internal Revenue Code to allow low and moderate income taxpayers without health insurance a refundable tax credit for 90% of the cost of high deductible health insurance (up to $3,000) to provide coverage for the taxpayer, the taxpayer's spouse, and dependents. Directs the Secretary of the Treasury to establish a program for making advance payment of tax credit amounts to health insurance providers.
United States · United States Congress · 3 May 2006
Gas Tax Equity Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene for a 60-day period beginning after the enactment of this Act (suspension period). Requires reimbursement to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund for tax revenues lost during the suspension period. Expresses the sense of Congress that the reduction of taxes under this Act should immediately benefit consumers. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) the program on oil and gas royalties in-kind; (2) incentives for natural gas production from deep wells in the Gulf of Mexico; (3) suspension of royalty payments under federal leases in the Gulf of Mexico, Alaska, and the Outer Continental Shelf; and (4) exploration incentives in the National Petroleum Reserve in Alaska. Requires certain integrated oil companies (defined as having an average daily worldwide crude oil production level of at least 500,000 barrels and more than $1 billion in gross receipts in 2005) to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula. Denies such oil companies: (1) two-year amortization of geological and geophysical expenditures; and (2) foreign tax credits for payments to certain foreign countries from which such oil companies receive a specified economic benefit as a dual capacity taxpayer.
United States · United States Senate · 2 May 2006
United States · United States Congress · 2 May 2006
Real Solutions to World Hunger Act of 2005 [sic] - Makes it unlawful for any person to ship, or offer to ship, or for any carrier or person to transport, or receive for transportation, to any foreign country, any genetically engineered animal, plant, or seed (as defined by this Act) if the person knows or has reason to believe that the engineered article will be used to produce an agricultural commodity if: (1) such article was denied federal approval for U.S. marketing, or its application for approval was withdrawn; or (2) the foreign government has not certified that related ecological impacts of such article have been satisfactorily mitigated. Authorizes the Secretary of Agriculture to make grants to designated international research institutions to promote development of sustainable agricultural techniques (which may not derive any genetic engineered material) that rely on minimum artificial inputs to meet developing countries' food and fiber needs. Directs the Secretary of the Treasury to instruct the U.S. Executive Director at each international financial institution to make no effort to encourage the institution from prohibiting countries eligible for certain assistance from requiring compulsory licensing of genetically engineered animals, plants or seeds. Amends the Internal Revenue Code to: (1) impose a tax on a corporation equal to one percent of its gross income that is attributable to the U.S. marketing of any genetically engineered organism (as defined by this Act), or the holding of a patent on any such organism; and (2) establish in the Treasury the Sustainable Agriculture Trust Fund.
United States · United States Congress · 2 May 2006
Boating Safety Tax Incentive Act - Amends the Internal Revenue Code to allow boat manufacturers a tax deduction for boating safety equipment provided to purchasers of new recreational boats and certain other small maritime vessels.
United States · United States Congress · 2 May 2006
Firefighters Special Operation Task Force Act - Amends the Federal Fire Prevention and Control Act of 1974 to authorize the Administrator of the U.S. Fire Administration to award up to 100 grants for task forces (two or more fire services that collectively consist of at least 50 firefighting personnel, operating under a cooperative agreement to coordinate incident response) each fiscal year for: (1) salary and benefits to hire firefighting personnel; (2) training; (3) equipment or support systems; (4) communications between task force members and a local police department or hospital or with any other appropriate governmental or private sector entity; and (5) compatibility and interoperability of training and equipment. Requires the Administrator to give priority to task forces serving geographic areas that have a high population density or that are located within 50 miles of: (1) a nuclear power facility; (2) a large facility that produces, treats, or refines chemicals or petroleum products; (3) a business district of national significance; or (4) a location with one or more critical infrastructures. Requires grantees to obtain non-federal matching funds of at least 55% of the amount awarded by the Administrator for each fiscal year.
United States · United States Congress · 2 May 2006
Tax Free Health Savings Act of 2006 - Amends the Internal Revenue Code to: (1) allow individual taxpayers a tax deduction for high deductible health plan premiums, a tax credit for employment taxes related to the payment of such premiums, and a refundable tax credit for the coverage costs under a high deductible health plan: (2) direct the Secretary of the Treasury to establish a program for advance payments of tax credit amounts to providers of high deductible health plans; (3) increase the tax deduction for contributions to health savings accounts; (4) allow health savings accounts to incorporate flexible spending arrangements or health reimbursement arrangements, or both; (5) allow payment of high deductible health plan premiums from health savings accounts; and (6) exempt employers from health savings account contribution requirements for certain employees with high levels of medical expenses.
United States · United States Congress · 2 May 2006
Tax Cut for the Rest of Us Act of 2006 - Amends the Internal Revenue Code to allow individual taxpayers who do not itemize tax deductions a $2,000 refundable tax credit, adjusted for inflation. Allows additional credit amounts of $2,000 for the taxpayer's spouse and $1,000 for each qualified dependent. Requires the basic standard deduction and the personal exemption amount for a taxpayer allowed such credit to be zero for that taxable year. Disallows such credit to an individual for whom a taxpayer is allowed a deduction as a dependent.
United States · United States Congress · 1 May 2006
Personal Philanthropy Account Act of 2006 - Amends the Internal Revenue Code to allow a tax deduction (whether or not the taxpayer itemizes deductions) for cash contributions to a personal philanthropy account. Defines "personal philanthropy account" as a tax-exempt trust created to make distributions for charitable purposes. Sets forth rules providing for default charitable distributions in the event of an account holder's death and minimum annual distribution requirements. Allows an exclusion from the gross income of an employee for contributions made by an employer to the employee's personal philanthropy account.
United States · United States Congress · 1 May 2006
Amends the Internal Revenue Code to increase the tax credits for: (1) alcohol used as fuel; (2) biodiesel and renewable diesel used as fuel; (3) alternative fuels; (4) alternative motor vehicles; and (5) alternative fuel vehicle refueling property (service stations for dispensing ethanol and other alternative fuels to retail customers). Denies to major integrated oil companies (companies with average daily worldwide crude oil production of at least 500,000 barrels) : (1) two-year amortization of geological and geophysical expenditures; (2) percentage depletion for oil and gas properties; and (3) tax deductions for intangible drilling and development costs. Prohibits the Secretary of the Interior from providing crude oil and natural gas producers on federal lands exemptions from royalty payment requirements during periods when the average U.S. price of crude oil is over $55 per barrel and the average price of natural gas is $10 per 1000 cubic feet.
United States · United States Senate · 27 April 2006
United States · United States Senate · 27 April 2006
United States · United States Congress · 27 April 2006
Transforming Energy Now Act of 2006 - Amends the Clean Air Act to establish a 10% minimum renewable fuel requirement for motor vehicle fuel sold in the United States after 2015. Amends the Internal Revenue Code to increase from 30 to 50% the tax credit rate for alternative fuel vehicle refueling property costs (service stations capable of dispensing alternative fuels to retail consumers). Establishes in the Treasury the Alternative Fueling Infrastructure Trust Fund to provide grants to increase the number of retail service stations dispensing alternative transportation fuels. Directs the Secretary of Transportation to transfer 90% of civil penalties for noncompliance with automobile fuel economy standards to the Trust Fund to finance such grant program. Amends the Consolidated Farm and Rural Development Act to provide low-interest loans to build service stations which dispense E-85 (85% ethanol content) fuel to retail consumers.
United States · United States Congress · 27 April 2006
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) the ultra-deepwater and unconventional natural gas and other petroleum resources program; (7) Alaska offshore royalty suspension; (8) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (9) the exemption of small oil refiners from limitations on the oil depletion allowance; and (10) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
United States · United States Congress · 27 April 2006
Restore a Rational Tax Rate on Petroleum Production Act of 2006 - Amends the Internal Revenue Code to deny a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof.
United States · United States Congress · 27 April 2006
Gas Price Reduction Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene from enactment of this Act until October 1, 2006 (suspension period). Requires reimbursement to the Highway Trust Funds for revenues lost during the suspension period. Expresses the sense of Congress that consumers should immediately benefit from the tax reductions under this Act. Directs the Secretary of the Interior to: (1) suspend exemptions from payment of oil and natural gas royalties under federal leases (royalty relief) during any four-week period in which the average price of crude oil exceeds $50.00 per barrel and the average wellhead price of natural gas exceeds $6.25 per 1,000 cubic feet; and (2) renegotiate such leases to provide for a suspension of royalty relief when crude oil and natural gas prices exceed a certain level. Suspends provisions of the Internal Revenue Code granting tax deductions for oil and gas development, mining exploration, and intangible drilling and development expenditures and a tax credit for producing fuel from nonconventional sources until the Highway Trust Fund has been reimbursed for revenues lost during the suspension period.
United States · United States Congress · 27 April 2006
Securing America's Energy Independence Act of 2006 - Amends the Internal Revenue Code to extend through 2015: (1) the investment tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential photovoltaic, solar water heating, and fuel cell property expenditures. Modifies the maximum amounts for such residential credits based upon kilowatt of capacity. Allows such credits to be taken against the alternative minimum tax.
United States · United States Congress · 27 April 2006
Aviation Fuel Tax Simplification Act - Amends the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users to suspend until after September 30, 2007, certain provisions relating to the taxation of aviation kerosene.
United States · United States Congress · 27 April 2006
Oil Subsidy Elimination Act of 2006 - Requires oil companies with annual gross receipts of $1 billion or more and average daily crude oil production levels of at least 500,000 barrels (defined as large integrated oil companies) to revalue, according to a specified formula, their 2005 LIFO inventories of crude oil, natural gas, or other petroleum products. Amends the Internal Revenue Code to deny large integrated oil companies: (1) amortization of geological and geophysical expenditures; and (2) foreign tax credits for certain payments made to foreign countries. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) expensing of crude oil refinery property; (2) exemptions from limitations on oil depletion deductions for certain small crude oil refiners; and (3) amortization of geological and geophysical expenditures.
United States · United States Congress · 27 April 2006
Fuel Efficient Vehicle Tax Incentive Act of 2006 - Amends the Internal Revenue Code to: (1) triple the passenger automobile depreciation allowance for alternative fuel vehicles; and (2) apply the limitation on depreciation for certain luxury automobiles to sports utility vehicles.
United States · United States Congress · 27 April 2006
Restore a Rational Tax Rate on Petroleum Production Act of 2006 - Amends the Internal Revenue Code to deny a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, natural gas, or any primary product thereof.