3.0.0 2993 2023-01-13T04:48:13Z 2023-01-13T04:48:13Z Senate S S 2006-05-23 109 ssfi00 Finance Committee Senate Standing Referred to 2006-05-24T00:04:53Z 2006-06-28 Sponsor introductory remarks on measure. (CR S6593) IntroReferral B00100 9 Library of Congress 2006-05-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2006-05-23 Introduced in Senate IntroReferral 10000 9 Library of Congress C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R N Taxation Accounting Alcohol as fuel Alternative energy sources Automobile industry Automobiles Awards, medals, prizes Biomass energy Carbon cycle Carbon dioxide Cellulose Commercialization Congress Congressional reporting requirements Corporation taxes Department of Energy Depreciation and amortization Diesel motor Economics and Public Finance Electric power production Electric vehicles Energy Energy conservation Energy efficiency Energy prices Energy research Environmental Protection Excess profits tax Excise tax Executive reorganization Federal aid to research Federal officials Finance and Financial Sector Foreign tax credit Fuel cells Fuel consumption Geology Geophysical prediction Government Operations and Politics Government trust funds Housing and Community Development Income tax Inventories Investment tax credit Minimum tax Motor vehicles Natural gas Oil and gas leases Oil and gas royalties Oil well drilling Petroleum industry Petroleum refineries Profit Public Lands and Natural Resources Research and development Science, Technology, Communications Service stations Small business Solar energy Sugar Tax administration Tax credits Tax deductions Tax deferral Tax refunds Technological innovations Transportation and Public Works Trucks Valuation Wind power Taxation 00 2006-05-23 Introduced in Senate 2006-06-15T18:45:49Z Strategic Energy Fund Act of 2006 - Amends the Internal Revenue Code to establish in the Treasury the Strategic Energy Fund. Transfers revenues from the excess profits tax imposed by this Act to such Fund to finance clean energy research and alternative fuel projects.

Modifies the tax credit for investment in alternative fuel vehicle refueling property to: (1) increase the rate of such credit from 30 to 50%; (2) increase to $50,000 the allowable amount of such credit for commercial refueling properties; and (3) extend such credit to the earlier of December 31, 2014, or until 20,000 refueling properties have been installed through the use of such credit.

Expands eligibility for the small ethanol producer tax credit for producers of sucrose or cellulosic ethanol.

Extends through 2014: (1) income and excise tax credits for biodiesel used as fuel; (2) tax credits for investment in solar energy and fuel cell property; (3) the tax deduction for energy efficient commercial property; and (4) the tax credit for new energy efficient homes.

Allows new tax credits for: (1) the manufacture of flexible fuel and advanced technology motor vehicles; (2) investment in fuel-efficient motor vehicle fleets; (3) investment in wind energy property; and (4) captured carbon dioxide processes to enhance oil and natural gas recovery.

Extends through 2017 the tax credit for producing electricity from renewable resources.

Directs the Secretary of Energy to establish the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment.

Imposes for taxable years beginning in 2006 or 2007 a 50% excise fee on the excess profits of integrated oil companies and producers or refiners of crude oil with gross receipts exceeding $100 million. Eliminates certain tax benefits for such oil companies, producers, and refiners, including: (1) the tax deductions for intangible drilling and development costs and for income attributable to domestic production of oil, natural gas, or related products; (2) amortization of geological and geophysical expenditures; and (3) foreign tax credits and deferrals. Requires such companies, producers, and refiners to revalue their LIFO inventories of crude oil, natural gas, and other petroleum products according to a specified formula.

Directs the Secretary of the Interior to suspend royalty relief programs for producers of oil and natural gas on federal lands during periods when the price of oil and natural gas exceeds certain levels and to renegotiate existing leases for production of oil and natural gas on federal lands.

Places limits on the depreciation of certain non-farm heavy passenger motor vehicles.

]]> Strategic Energy Fund Act of 2006 Display Title Strategic Energy Fund Act of 2006 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to impose a temporary oil profit fee and to use the proceeds of the fee collected to provide a Strategic Energy Fund and expand certain energy tax incentives, and for other purposes. Introduced in Senate IS Short Titles as Introduced Strategic Energy Fund Act of 2006 Introduced in Senate 2006-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2993is/xml/BILLS-109s2993is.xml 2006-06-28 Sponsor introductory remarks on measure. (CR S6593) 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.