A bill to require oil refineries to sell a minimum percentage of synthetic fuels, to provide certain tax incentives for the production of synthetic fuels, and for other purposes.

Summary

Amends the Emergency Petroleum Allocation Act of 1973 to direct the Secretary of Energy to require oil refineries to use or sell a specified minimum amount of liquid synthetic fuel during the calendar year. Defines "liquid synthetic fuel" as fuel produced from oil shale, tar sands, coal, or biomass. Sets such minimum amounts at not less than five percent for calendar years after January 1, 1985, 12 percent after January 1, 1990, and 20 percent after January 1, 2000. Imposes civil penalties for failure to meet such requirements. Directs the Secretary to study the nature and extent of any delays under Federal, State, or local law which have or are likely to have the effect of reducing the amount of synthetic fuel produced in the United States. Directs the Secretary to modify any provision of law administered by him, the Administrator of the Environmental Protection Agency, or the Secretary of the Interior, or any similar State or local law having such delaying effect. Amends the Internal Revenue Code to 1954 to include tar sands in the definition of shale oil equipment and the definition of energy property for purposes of the investment tax credit. Sets the energy percentage of the investment tax credit at 20 percent for such property. Allows a tax deduction for the amortization of any qualified fuel-producing facilities using or producing synthetic fuels. Sets forth requirements for determining eligibility for, and procedures for, computing terminating such deduction. Makes technical and conforming amendments to the Code.

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1 official file

• Introduced in House

  summary · EN · 22 June 1979

  Open at official source

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