108th CONGRESS
2d Session
H. R. 4365
To amend the Internal Revenue Code of 1986 to eliminate the inflation
adjustment of the phaseout of the credit for producing fuel from a nonconventional
source and to repeal the extension of the credit for facilities producing
synthetic fuels from coal.
IN THE HOUSE OF REPRESENTATIVES
May 13, 2004
Mr. DOGGETT (for himself, Mr. SHAYS, Mr. LEACH, Mr. ANDREWS, Mr. BLUMENAUER,
Mr. COOPER, Mr. MARKEY, Mr. SCHIFF, Mr. EMANUEL, Mr. GRIJALVA, Mr. TAYLOR
of Mississippi, Mr. MORAN of Virginia, Mr. KUCINICH, Mr. MCGOVERN, Mr. SANDERS,
Ms. DELAURO, Ms. LEE, Mr. TIERNEY, Mr. MCDERMOTT, and Mr. STARK) 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 eliminate the inflation
adjustment of the phaseout of the credit for producing fuel from a nonconventional
source and to repeal the extension of the credit for facilities producing
synthetic fuels from coal.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Taxpayer Protection Against Wasteful Energy
Credits Act'.
SEC. 2. ELIMINATION OF INFLATION ADJUSTMENT FOR PHASEOUT OF SECTION 29 CREDIT;
TERMINATION OF EXTENSION OF CREDIT FOR FACILITIES PRODUCING SYNTHETIC FUELS
FROM COAL.
(a) Elimination of Inflation Adjustment for Credit Phaseout-
(1) In general- Paragraph (2) of section 29(b) of the Internal Revenue Code
of 1986 is amended by striking `and the $23.50 and $6 amounts in paragraph
(1) shall each' and inserting `shall'.
(2) Clerical amendment- The heading of such paragraph is amended by striking
`AND PHASEOUT ADJUSTMENT'.
(b) Termination of Extension of Credit for Facilities Producing Synthetic
Fuels From Coal- Paragraph (1) of section 29(g) of the Internal Revenue Code
of 1986 (relating to extension for certain facilities) is amended by striking
`subparagraph (B)(ii) or (C) of subsection (c)(1)' and inserting `subsection
(c)(1)(B)(ii)'.
(1) Subsection (a)- The amendments made by subsection (a) shall apply to
qualified fuels sold in taxable years beginning after the date of the enactment
of this Act.
(2) Subsection (b)- The amendments made by subsection (b) shall apply to
qualified fuels sold after the date of the enactment of this Act, in taxable
years ending after such date.
END
