Energy Tax Policy Act of 2003

Summary

Energy Tax Policy Act of 2003 - Amends the Internal Revenue Code to establish credits for the following: (1) residential solar energy property; (2) qualified fuel cell power plants; (3) energy efficiency improvements to existing homes; (4) construction of new energy efficient home; (5) combined heat and power system property; (6) production of low sulphur diesel fuel; and (7) producing oil and gas from marginal wells. Repeals: (1) the 4.3-cent per gallon diesel fuel excise taxes on railroads and inland waterway transportation; (2) phaseouts for qualified electric vehicle credit and the deduction for clean fuel-vehicles; and (3) for two years, the alternative minimum tax preference for intangible drilling costs for certain taxpayers and the minimum tax limitation on the oil recovery credit. Treats: (1) natural gas gathering lines as 7-year property; (2) natural gas distribution lines as 15-year property; and (3) electric transmission property treated as 15-year property. Extends and modifies the credits for: (1) electricity produced from renewable resources; (2) producing fuel from a nonconventional source. Provides for: (1) reduced motor fuel excise tax on certain mixtures of diesel fuel; (2) the expensing of capital costs incurred in complying with environmental protection agency sulfur regulations; (3) an increase in the barrel per day small refiner exception to oil depletion deduction; (4) treating of gain ratably over an 8-year period with respect to sales or dispositions to implement Federal energy regulatory commission or State electric restructuring policy; (5) modifications to the special rules for nuclear decommissioning costs; (6) the treatment of certain income of rural electric cooperatives; and (7) amortization, over a 2-year period, of delay rental payments and of geological and geophysical expenditures. Allows: (1) the prepayment of premium liability for coal industry health benefits; (2) generally, for the inapplicability of arbitrage rules to prepayments for natural gas; (3) the suspension, until December 31, 2006, of the limitation based on 65 percent of taxable income and of taxable income limit with respect to marginal production; and (4) certain business related energy credits against the regular and minimum tax.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 9 April 2003

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 9 April 2003

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 9 April 2003

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 1 April 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 April 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 April 2003

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.