3.0.0 1541 2022-02-03T05:33:23Z 2022-02-03T05:33:23Z House H HR 2005-04-12 109 hswm00 Ways and Means Committee House Standing Reported by 2005-04-18T18:26:45Z Markup by 2005-04-13T17:15:17Z Referred to 2005-04-12T16:30:15Z H. Rept. 109-45 2005-04-18 Placed on the Union Calendar, Calendar No. 25. Calendars H12410 2 House floor actions U00025 2005-04-18 Reported (Amended) by the Committee on Ways and Means. H. Rept. 109-45. Committee H12200 2 House floor actions hswm00 Ways and Means Committee 2005-04-18 Reported (Amended) by the Committee on Ways and Means. H. Rept. 109-45. Committee 5000 9 Library of Congress hswm00 Ways and Means Committee 2005-04-13 hswm00 Ways and Means Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 26 - 11. Committee 2005-04-13 hswm00 Ways and Means Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2005-04-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-04-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-12 Introduced in House IntroReferral 1000 9 Library of Congress T000188 Rep. Thomas, William M. [R-CA-22] WILLIAM THOMAS R CA MARSHALL 22 N 2005-04-18T04:00:00Z H.R. 1541, Enhanced Energy Infrastructure and Technology Tax Act of 2005 http://www.cbo.gov/publication/16452 <p>Cost estimate for the bill as ordered reported by the Committee on Ways and Means on April 13, 2005</p> 2005-04-18T04:00:00Z H.R. 1541, Enhanced Energy Infrastructure and Technology Tax Act of 2005 https://www.cbo.gov/publication/16452 Cost estimate for the bill as ordered reported by the Committee on Ways and Means on April 13, 2005 Taxation Accounting Administrative procedure Air pollution control Alternative energy sources Automobile engines Automobiles Biomass energy Building materials Coal Commerce Condominium (Housing) Cooperative housing Department of Energy Depletion allowances Depreciation and amortization Diesel motor Economics and Public Finance Electric power production Electric power transmission Electric utilities Electricity Energy Energy conservation Energy efficiency Environmental Protection Environmental technology Excise tax Finance and Financial Sector Fuel cells Fuel consumption Gas industry Gas pipelines Gasoline Government Operations and Politics Government trust funds Heating Home repair and improvement Housing and Community Development Income tax Investment tax credit Law Lease and rental services Minimum tax Motor vehicle pollution control Natural gas Nuclear facilities Oil and gas leases Oil shales Oil well drilling Petroleum engineering Petroleum industry Petroleum refineries Prefabricated buildings Prospecting Rent Science, Technology, Communications Secondary recovery of gas Secondary recovery of oil Small business Solar energy Sulphur Synthetic fuel Tax credits Tax deductions Tax rates Tax-exempt securities Transportation and Public Works Trucks Waste water treatment Water Resources Development Water treatment plants Taxation 00 2005-04-12 Introduced in House 2005-04-21T20:41:48Z Amends the Internal Revenue Code to: (1) assign a seven-year depreciation recovery period to natural gas gathering lines; (2) assign a 15-year depreciation recovery period to national gas distribution lines and certain electric transmission property; (3) allow a 60-month amortization period for certain atmospheric pollution control facilities; (4) classify the tax credit for producing fuel from a nonconventional source as a business tax credit; (5) modify rules for the funding of nuclear decommissioning costs; (6) exempt certain prepayments for natural gas from arbitrage bond rules; and (7) expand the definition of small refiner for proposes of the exemption from limitations on the oil depletion allowance.

Allows a tax credit for: (1) residential solar hot water, photovoltaic, or fuel cell property; (2) investment in qualified fuel cell property; (3) investment in advanced lean burn technology motor vehicles; and (4) energy efficient improvements to existing residences.

Reduces the motor fuel excise tax on certain water-based mixtures of diesel fuel.

Allows a 24-month amortization period for delay rental payments for the development of oil and gas wells within the United States and for certain geological and geophysical expenditures for oil and gas exploration in the United States.

Allows an offset against alternative minimum tax liability for: (1) the tax credit for residential solar hot water, photovoltaic, or fuel cell property and for energy efficient improvements to existing homes; and (2) certain business tax credits relating to energy properties.

]]> 17 2005-04-18 Reported to House with amendment(s) 2005-05-18T19:58:06Z Enhanced Energy Infrastructure and Technology Tax Act of 2005 - Title I: Energy Infrastructure Tax Incentives - (Sec. 101) Amends the Internal Revenue Code to assign a seven-year depreciation recovery period (class life of 14 years under the alternative depreciation system) to any natural gas gathering line placed in service after April 11, 2005. Defines "natural gas gathering line" to include any pipe, equipment, and appurtenance that: (1) is determined to be a gathering line by the Federal Energy Regulatory Commission; and (2) is used to deliver natural gas from the wellhead or a common point to the point at which such gas first reaches a gas processing plant, an interconnection with an interstate transmission line, an interconnection with an intrastate transmission line, or a direct interconnection with a local distribution company, gas storage facility, or industrial consumer.

(Sec. 102) Assigns a 15-year depreciation recovery period (class life of 35 years under the alternative depreciation system) to any natural gas distribution line placed in service after April 11, 2005.

(Sec. 103) Assigns a 15-year depreciation recovery period (class life of 30 years under the alternative depreciation system) to property used in the transmission at 69 or more kilovolts of electricity for sale and the original use of which commences with the taxpayer after April 11, 2005.

(Sec. 104) Allows a 60-month amortization period for atmospheric pollution control facilities placed in service after April 11, 2005, and used in connection with an electric generation plant or other property which is primarily coal-fired.

(Sec. 105) Designates the tax credit for producing fuel from a non-conventional source as a general business tax credit.

(Sec. 106) Revises rules for the tax treatment of contributions to nuclear decommissioning reserve funds to, among other things, eliminate the cost of service requirement for deductible contributions to such fund (thus allowing unregulated utilities to make tax deductible contributions to a reserve fund).

(Sec. 107) Modifies bond arbitrage rules to provide that an investment-type property does not include a prepayment under a qualified natural gas supply contract, thus exempting such prepayments from arbitrage restrictions.

(Sec. 108) Revises the definition of certain small crude oil refiners eligible for the exemption from limitations on the percentage depletion allowance for oil and gas wells to provide that such refiners will qualify for the exemption if their average daily refinery runs do not exceed 75,000 barrels (currently, 50,000 barrels).

Title II: Miscellaneous Energy Tax Incentives - (Sec. 201) Allows a tax credit for 15 percent of residential solar water heating, photovoltaic, or fuel cell property expenditures in a taxable year. Imposes a $2,000 limitation on the credit for solar water heating and photovoltaic property expenditures, and $500 for each 0.5 kilowatt of qualified fuel cell property. Terminates such credit after December 31, 2007.

(Sec. 202) Allows a tax credit for investment in qualified fuel cell property. Defines "qualified fuel cell property" as a fuel cell power plant which generates at least 0.5 kilowatt of electricity using an electrochemical process and has an electricity-only generation efficiency greater than 30 percent. Limits that amount of such credit to $500 for each 0.5 kilowatt of capacity of such property. Terminates such credit after December 31, 2007.

(Sec. 203) Reduces to 19.7 cents per gallon (from 24.3 cents) the excise tax rate for diesel fuel blended with water.

(Sec. 204) Allows the amortization over a 24-month period of delay rental payments incurred in connection with the development of oil or gas within the United States.

(Sec. 205) Allows the amortization over a 24-month period of geological and geophysical amounts incurred in connection with oil and gas exploration in the United States.

(Sec. 206) Allows a tax credit for investment in advanced lean burn technology motor vehicles. Bases the amount of such credit on vehicle fuel efficiency and conservation ratings. Terminates such credit after December 31, 2007.

(Sec. 207) Allows a tax credit for 20 percent of expenditures for energy efficiency improvements made to existing residences prior to January 1, 2008. Limits the annual amount of such credit to $2,000.

Title III: Alternative Minimum Tax Relief - (Sec. 301) Allows the tax credits for residential energy efficient property and energy efficient improvements to existing homes to offset both regular and alternative minimum tax liability.

(Sec. 302) Allows the following business tax credits as an offset against alternative minimum tax liability: (1) the low sulfur diesel fuel production credit; (2) the marginal oil and gas well production credit; (3) the credit for qualified fuel cells; and (4) the enhanced oil recovery tax credit for taxable years beginning after December 31, 2005, and before January 1, 2008.

]]> Enhanced Energy Infrastructure and Technology Tax Act of 2005 Short Titles as Reported to House Enhanced Energy Infrastructure and Technology Tax Act of 2005 H House Display Title Enhanced Energy Infrastructure and Technology Tax Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to enhance energy infrastructure properties in the United States and to encourage the use of certain energy technologies, and for other purposes. Reported in House 2005-04-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1541rh/xml/BILLS-109hr1541rh.xml Introduced in House 2005-04-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1541ih/xml/BILLS-109hr1541ih.xml 2005-04-18 Placed on the Union Calendar, Calendar No. 25. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.