Energy Tax Incentives Act of 2003

Summary

Energy Tax Incentives Act of 2003 - Amends the Internal Revenue Code to extend and modify the renewable electricity production tax credit to, among other things, include as qualified energy resources, geothermal energy, solar energy, small irrigation power, biosolids and sludge, and municipal solid waste. Provides alternative vehicle and fuel incentives, including credits for installation of alternative fueling stations and the retail sale of alternative fuels as motor vehicle fuel, modification of the credit for qualified electric vehicles, and allowing the alcohol fuels credit to be transferred and to be used against motor fuels taxes. Sets forth certain conservation and energy efficiency provisions such as credits for the construction of new energy efficient homes, the installation of energy efficient appliances, combined heat and power system properties, and energy efficiency improvements to existing homes. Establishes a three-year recovery period for depreciation of qualified energy management devices. Establishes clean coal incentives, including credits for emission reductions, efficiency improvements in existing coal-based generation facilities, and investment in qualifying advanced clean coal technology. Revises oil and gas provisions, including establishing a credit for the production of oil and gas from marginal wells, permitting the expensing of capital costs incurred in complying with EPA sulfur regulations, establishing an environmental tax credit, extending the marginal production income limit, and treating natural gas distribution lines as 15-year property. Sets forth electric utility restructuring provisions. Sets forth provisions concerning tax shelters, including establishing penalties for failure to include reportable transaction information and accuracy-related understatements, and increasing the penalty for failure to furnish information regarding tax shelters. Establishes rules concerning corporate expatriation and an excise tax on stock compensation of insiders in inverted corporations. Makes additional amendments, including amendments concerning: (1) the recovery period for Indian reservation property; (2) IRS user fees; (3) adding hepatitis A vaccine to the taxable vaccine list; and (4) individual expatriation to avoid tax.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 23 May 2003

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 23 May 2003

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• Reported to Senate without amendment

  summary · EN · 23 May 2003

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• Introduced in Senate

  summary · EN · 23 May 2003

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