3.0.0 2689 2023-01-13T04:48:21Z 2023-01-13T04:48:21Z Senate S S 2006-05-01 109 ssfi00 Finance Committee Senate Standing Referred to 2006-05-01T22:22:19Z 2006-05-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2006-05-01 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N Taxation Alcohol as fuel Alternative energy sources Biomass energy Coal Commerce Depletion allowances Depreciation and amortization Diesel motor Electric vehicles Energy Energy prices Energy supplies Excise tax Fuel cells Geology Geophysical prediction Hydrogen Income tax Liquefied natural gas Liquefied petroleum gas Natural gas Oil and gas royalties Oil well drilling Petroleum Petroleum industry Public Lands and Natural Resources Service stations Tax credits Transportation and Public Works Taxation 00 2006-05-01 Introduced in Senate 2006-05-26T19:36:52Z Amends the Internal Revenue Code to increase the tax credits for: (1) alcohol used as fuel; (2) biodiesel and renewable diesel used as fuel; (3) alternative fuels; (4) alternative motor vehicles; and (5) alternative fuel vehicle refueling property (service stations for dispensing ethanol and other alternative fuels to retail customers).

Denies to major integrated oil companies (companies with average daily worldwide crude oil production of at least 500,000 barrels) : (1) two-year amortization of geological and geophysical expenditures; (2) percentage depletion for oil and gas properties; and (3) tax deductions for intangible drilling and development costs.

Prohibits the Secretary of the Interior from providing crude oil and natural gas producers on federal lands exemptions from royalty payment requirements during periods when the average U.S. price of crude oil is over $55 per barrel and the average price of natural gas is $10 per 1000 cubic feet.

]]> A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes. Introduced in Senate IS Introduced in Senate 2006-05-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2689is/xml/BILLS-109s2689is.xml 2006-05-01 Read twice and referred to the Committee on Finance. 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.