3.0.0 1238 2023-01-11T19:40:36Z 2023-01-11T19:40:36Z Senate S S 2007-04-26 110 ssfi00 Finance Committee Senate Standing Referred to 2007-04-26T21:01:12Z 2007-04-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-04-26 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N W000803 Sen. Webb, Jim [D-VA] James Webb D VA H. "Jim" 2007-04-26 True Energy Accounting Alaska Alcohol as fuel Alternative energy sources Biomass energy Commerce Commuting Depreciation and amortization Diesel motor Economics and Public Finance Energy assistance for the poor Energy research Excess profits tax Finance and Financial Sector Foreign tax credit Gas in submerged lands Gasoline Geology Geophysical prediction Government trust funds Gulf of Mexico Income tax Inventories Marine and coastal resources, fisheries Mass rapid transit Natural gas Oil and gas leases Oil well drilling Petroleum Petroleum in submerged lands Petroleum industry Public Lands and Natural Resources Science, Technology, Communications Service stations Social Welfare Taxation Transportation and Public Works Transportation rates Energy 00 2007-04-26 Introduced in Senate 2007-05-21T20:27:38Z Energy Security and Corporate Accountability Act of 2007 - Requires major integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula.

Amends the Internal Revenue Code to: (1) set forth a special rule for the application of the foreign tax credit to major integrated oil companies which are dual capacity taxpayers; (2) provide for extended amortization (seven years instead of five) of geological and geophysical expenditures for major integrated oil companies; and (3) impose a windfall profits tax on major integrated oil companies.

Repeals provisions of the Energy Policy Act or 2005 suspending royalties from oil and natural gas production activities in the Gulf of Mexico. Terminates royalty suspension in the Planning Areas offshore Alaska.

Establishes a National Energy Security Research and Investment Reserve to fund energy research, including research relating to ethanol and biodiesel, and to defray the cost of providing fueling pumps to deliver new fuels to consumers.

Requires the Secretary of Health and Human Services to establish and carry out a Low-Income Transportation Energy Assistance Program and establish a Fund to assist low-income households in purchasing gasoline or diesel fuel or bus passes, train tickets, or other mass-transit fares for transportation purposes. Provides for the transfer of windfall profits tax receipts to the Fund.

]]> Energy Security and Corporate Accountability Act of 2007 Official Title as Introduced A bill to repeal certain provisions of the Energy Policy Act of 2005, close tax loopholes, impose windfall profits tax on major integrated oil companies, provide a reserve fund for biofuels research and infrastructure, and payments for low-income households. Introduced in Senate IS Display Title Energy Security and Corporate Accountability Act of 2007 Short Titles as Introduced Energy Security and Corporate Accountability Act of 2007 Introduced in Senate 2007-04-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1238is/xml/BILLS-110s1238is.xml 2007-04-26 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.