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HR 851

112th CONGRESS
1st Session

H. R. 851

To amend the Internal Revenue Code of 1986 to extend certain renewable fuel tax incentives and to repeal fossil fuel subsidies for large oil companies.

IN THE HOUSE OF REPRESENTATIVES

March 1, 2011

Mr. BRALEY of Iowa introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to extend certain renewable fuel tax incentives and to repeal fossil fuel subsidies for large oil companies.

SECTION 1. SHORT TITLE.

TITLE I--RENEWABLE FUELS

TITLE II--FOSSIL FUELS

TITLE III--INCREASED REVENUES TO REDUCE FEDERAL BUDGET DEFICIT

TITLE I--RENEWABLE FUELS

SEC. 101. EXTENSION OF BIODIESEL AND RENEWABLE DIESEL INCENTIVES.

SEC. 102. EXTENSION OF INCOME TAX CREDIT FOR ALCOHOL USED AS FUEL.

SEC. 103. EXTENSION OF EXCISE TAX CREDIT FOR ALCOHOL USED AS FUEL.

SEC. 104. EXTENSION OF ADDITIONAL DUTIES ON ETHANOL.

TITLE II--FOSSIL FUELS

SEC. 201. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES.

SEC. 202. PRODUCING OIL AND GAS FROM MARGINAL WELLS.

SEC. 203. ENHANCED OIL RECOVERY CREDIT.

SEC. 204. INTANGIBLE DRILLING AND DEVELOPMENT COSTS IN THE CASE OF OIL AND GAS WELLS.

SEC. 205. PERCENTAGE DEPLETION.

SEC. 206. TERTIARY INJECTANTS.

SEC. 207. PASSIVE ACTIVITY LOSSES AND CREDITS LIMITED.

SEC. 208. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES.

TITLE III--INCREASED REVENUES TO REDUCE FEDERAL BUDGET DEFICIT

SEC. 301. INCREASED REVENUES TO REDUCE FEDERAL BUDGET DEFICIT.

END