Foreign Oil Displacement Act

Summary

Foreign Oil Displacement Act - Amends the Internal Revenue Code to allow an investment credit for carbonaceous fuels conversion facilities, defined as facilities for producing: (1) oil from shale and tar sands; (2) gas from geopressured brine, Devonian shale, coal seams, or a tight formation, or from biomass; and (3) liquid, gaseous, or solid synthetic fuels from coal (including lignite, standard anthracite, peat, and any byproduct from a coal, culm, or silt preparation facility containing fixed carbon and including such fuels when used as feedstocks). Provides for recapture. Allows any unused portion of a carbonaceous fuels facility credit to be sold or assigned. Provides for the treatment of the seller and acquirer. Excludes from the definitions of "taxable fuel," "gasoline," "diesel fuel," and "aviation fuel," and excludes from taxation under specified provisions, fuel produced by such a facility or that portion of a blend that is such a fuel.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 July 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 16 July 1997

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• Introduced in House

  summary · EN · 16 July 1997

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