3.0.0 4753 2023-01-11T13:26:26Z 2023-01-11T13:26:26Z House H HR 2014-05-28 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McDERMOTT:H.R. 4753.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H4910]]]> hswm00 Ways and Means Committee House Standing Referred to 2014-05-28T16:01:15Z 2014-05-28 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2014-05-28 Sponsor introductory remarks on measure. (CR E853-854) IntroReferral B00100 9 Library of Congress 2014-05-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-05-28 Introduced in House IntroReferral 1000 9 Library of Congress M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 N W000215 Rep. Waxman, Henry A. [D-CA-33] HENRY WAXMAN D CA A. 33 2014-05-28 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2014-05-28 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2014-05-28 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 2014-05-28 True 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 2014-05-28 Introduced in House 2014-07-17T22:12:07Z Investing to Modernize the Production of American Clean Energy and Technology Act of 2014 or the IMPACT Act of 2014 - Amends the Internal Revenue Code, with respect to alternative and renewable energy tax provisions, to: (1) extend through 2023 the placed-in-service dates for the tax credit for producing electricity from wind, biomass, geothermal or solar energy, landfill gas, hydropower, and marine and hydrokinetic renewable energy facilities; (2) extend through 2023 the election of the tax credit for investment in energy property in lieu of the tax credit for producing electricity from renewable resources; (3) authorize an additional allocation of credits under the qualifying advanced energy program; and (4) extend through 2016 the tax credits for energy-efficient new home expenditures and for energy-efficient 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.

Repeals or imposes limits on tax preferences for major integrated oil companies (i.e., companies that have an average daily worldwide production of at least 500,000 barrels and annual gross income over $1 billion), including the tax deduction for income attributable to oil, natural gas, or primary products thereof, the tax deduction for intangible drilling and development costs, the percentage depletion allowance for oil and gas wells, the tax deduction for tertiary injectants, and the foreign tax credit for dual capacity taxpayers.

Prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies.

]]> Investing to Modernize the Production of American Clean Energy and Technology Act of 2014 Display Title Investing to Modernize the Production of American Clean Energy and Technology Act of 2014 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 IH Short Titles as Introduced Investing to Modernize the Production of American Clean Energy and Technology Act of 2014 Short Titles as Introduced IMPACT Act of 2014 Introduced in House 2014-05-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4753ih/xml/BILLS-113hr4753ih.xml 2014-05-28 Referred to the House Committee on Ways and Means. 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.