Energy Conservation and Development Act

Summary

Energy Conservation and Development Act - Imposes on gasoline sold by the producer or importer a gasoline efficiency tax at the following rate: (1) 5 cents a gallon, on gasoline sold between December 31, 1975, and January 1, 1977; (2) 10 cents a gallon, on gasoline sold between December 31, 1976, and January 1, 1978, (3) 15 cents a gallon, on gasoline sold between December 31, 1977, and January 1, 1979, and (4) 20 cents a gallon, on gasoline sold after December 31, 1978. Authorizes a tax credit against the tax imposed under this Act based upon a schedule geared to the taxpayer's adjusted gross income. Authorizes a tax deduction for the gasoline efficency tax. Authorizes the imposition of an automobile fuel efficiency tax upon each new automobile based upon a schedule reflecting automobile fuel consumption. Requires that such excise tax shall be $1,000 for automobiles which do not get over 10 miles per gallon for the period after August 31, 1979. Revises the amortization deduction under the Internal Revenue Code for converted coal facilities. Establishes an Energy Development Board. Authorizes such Board to (1) guarantee lenders against not to exceed 90 percent of any loss of principal and interest on loans which meet specified requirements for plant construction for, or the development of, synthetic fuels or solar energy; and (2) make purchase commitments, or such other similar undertakings as it determines to be appropriate, in order to encourage the development and production of synthetic fuels and the development of solar energy. Establishes an Energy Development Fund to be administered by the Board and used for the payment of the expenses and for the purpose of carrying out the Board's obligations under this Act. Increases the tariffs on the importation of crude oil.

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1 official file

• Introduced in Senate

  summary · EN · 6 March 1975

  Open at official source

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