3.0.0 5187 2019-11-15T21:18:13Z 2019-11-15T21:18:13Z House H HR 2012-04-27 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MARKEY:H.R. 5187.Congress has the power to enact this legislation pursuantto the following:Section 8 of Article 1[Page H2282]]]> hsif00 Energy and Commerce Committee House Standing hsif03 Energy, Climate and Grid Security Subcommittee Referred to 2012-04-27T18:55:37Z Referred to 2012-04-27T13:34:40Z hswm00 Ways and Means Committee House Standing Referred to 2012-04-27T13:34:35Z 2012-04-27 hsif03 Energy, Climate and Grid Security Subcommittee 1 House committee actions Referred to the Subcommittee on Energy and Power. Committee 2012-04-27 Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsif00 Energy and Commerce Committee 2012-04-27 Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-04-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-04-27 Introduced in House IntroReferral 1000 9 Library of Congress M000133 Rep. Markey, Edward J. [D-MA-7] Edward Markey D MA J. 7 N W000215 Rep. Waxman, Henry A. [D-CA-30] HENRY WAXMAN D CA A. 30 2012-04-27 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2012-04-27 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2012-04-27 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2012-04-27 True C001036 Rep. Capps, Lois [D-CA-23] LOIS CAPPS D CA 23 2012-05-15 False C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2012-05-30 False Taxation Accounting and auditing Alternative and renewable resources Business investment and capital Electric power generation and transmission Energy efficiency and conservation Housing industry and standards Hybrid, electric, and advanced technology vehicles Income tax credits Income tax deductions Motor carriers Motor fuels Oil and gas Securities Tax administration and collection, taxpayers Taxation of foreign income Taxation 00 2012-04-27 Introduced in House 2012-07-09T16:52:12Z Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 or the IMPACT Act of 2012 - Amends the Internal Revenue Code, with respect to tax incentives for investment in renewable energy, to: (1) extend through 2020 the date by which wind facilities must be placed in service to qualify for the electricity production tax credit; (2) extend through 2021 the date by which other specified alternative or renewable energy facilities (i.e., biomass, geothermal or solar energy, landfill gas, qualified hydropower, and marine and hydrokinetic renewable energy facilities) must be placed in service to qualify for the electricity production tax credit; and (3) extend through 2021 the taxpayer election to treat certain renewable energy facilities used for producing electricity, including offshore wind facilities, as investment properties for purposes of the energy tax credit.

Amends the American Recovery and Reinvestment Act of 2009 to extend through 2013 the grant program for investment in renewable energy property in lieu of the tax credits allowed for such property.

Increases to $5 billion the limitation on the total amount of credits that may be allocated under the qualifying advanced energy project program.

Extends through 2012: (1) the tax credit for energy-efficient new homes, and (2) the tax credit for energy-efficient household appliances.

Increases or extends tax credits for qualified plug-in electric drive motor vehicles, heavy natural gas vehicles, and alternative fuel vehicle refueling property. Provides for tax-exempt financing of electric, natural gas, and hydrogen vehicle refueling property.

Limits or repeals tax incentives for major integrated oil companies, including: (1) the use of last-in, first-out accounting (LIFO); (2) the foreign tax credit for such companies that are dual capacity taxpayers; (3) the tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof; (4) the tax deduction for intangible drilling and development costs; (5) percentage depletion for oil and gas wells; and (6) the tax deduction for tertiary injectant expenditures.

]]> IMPACT Act of 2012 Short Titles as Introduced IMPACT Act of 2012 Short Titles as Introduced Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 Display Title IMPACT Act of 2012 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide incentives for clean energy and to repeal fossil fuel subsidies for big oil companies. Introduced in House 2012-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr5187ih/xml/BILLS-112hr5187ih.xml 2012-04-27 Referred to the Subcommittee on Energy and Power. 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.