3.0.0 701 2023-01-11T19:57:27Z 2023-01-11T19:57:27Z Senate S S 2007-02-28 110 ssfi00 Finance Committee Senate Standing Referred to 2007-02-28T15:28:16Z 2007-02-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-02-28 Introduced in Senate IntroReferral 10000 9 Library of Congress C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R N Energy Air pollution control Alcohol as fuel Automobiles Biomass energy Cellulose Climate change and greenhouse gases Coal Commerce Department of Energy Depreciation and amortization Economics and Public Finance Electric power production Electric vehicles Energy conservation Energy efficiency Energy prices Energy research Environmental Protection Excise tax Executive reorganization Foreign tax credit Fuel cells Gas industry Geology Geophysical prediction Government Operations and Politics Grants-in-aid Income tax Motor vehicles Natural gas Oil and gas leases Oil and gas royalties Oil well drilling Petroleum Petroleum industry Petroleum refineries Public Lands and Natural Resources Science, Technology, Communications Solar energy Tax credits Tax deductions Taxation Transportation and Public Works Trucks Wind power Energy 00 2007-02-28 Introduced in Senate 2007-03-24T16:40:57Z Strategic Energy Fund Act of 2007 - Amends the Internal Revenue Code to establish in the Treasury the Strategic Energy Fund to finance the energy conservation and research initiatives set forth by this Act.

Increases the tax credits for: (1) investment in alternative fuel vehicle refueling property; (2) small ethanol producers of sucrose or cellulosic ethanol; and (3) investment in advanced coal projects.

Extends tax credits for: (1) alcohol used as fuel through 2012; (2) electricity produced from certain renewable resources through 2013; and (3) solar energy property through 2014. Increases the number of hybrid and advanced lean burn technology vehicles eligible for the full amount of the tax credit for alternative motor vehicles.

Extends through 2015: (1) the tax credits for biodiesel used as fuel, investment in fuel cell property, new energy efficient home expenditures; and (2) the tax deduction for energy efficient commercial property expenditures.

Allows new tax credits for the manufacture of advanced technology motor vehicles, including plug-in hybrid vehicles and investment in small wind energy property.

Directs the Administrator of the Environmental Protection Agency to establish a grant program for geological disposal deployment projects.

Directs the Secretary of Energy to establish the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment to implement innovative programs for energy conservation.

Imposes for taxable years beginning during 2007 or 2008 a 50% excise fee on the excess profit of certain integrated oil companies and producers or refiners of crude oil with gross receipts exceeding $100 million. Provides for the transfer of excise fees to the Strategic Energy Fund.

Eliminates certain tax benefits for major oil companies, producers, or 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) accelerated amortization of geological and geophysical expenditures; and (3) the tax credit for enhanced oil recovery expenditures and certain foreign tax credits and deferrals.

Grants the Secretary of the Interior authority to suspend royalty relief for lessees of federal oil-producing properties and to renegotiate leases based upon price thresholds for oil and natural gas.

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

]]> Strategic Energy Fund Act of 2007 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 Display Title Strategic Energy Fund Act of 2007 Short Titles as Introduced Strategic Energy Fund Act of 2007 Introduced in Senate 2007-02-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s701is/xml/BILLS-110s701is.xml 2007-02-28 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.