[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1772 Introduced in Senate (IS)]







104th CONGRESS
  2d Session
                                S. 1772

    To amend the Internal Revenue Code of 1986 to clarify that the 
Secretary of the Treasury shall make certain determinations relating to 
what gas will be treated as a qualified fuel for purposes of the credit 
                for fuels from nonconventional sources.


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                   IN THE SENATE OF THE UNITED STATES

                              May 17, 1996

  Mr. Shelby introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to clarify that the 
Secretary of the Treasury shall make certain determinations relating to 
what gas will be treated as a qualified fuel for purposes of the credit 
                for fuels from nonconventional sources.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SECRETARY OF THE TREASURY TO MAKE CERTAIN DETERMINATIONS 
              UNDER NONCONVENTIONAL FUELS CREDITS.

    (a) In General.--Subparagraph (A) of section 29(c)(2) of the 
Internal Revenue Code of 1986 (relating to gas from geopressured brine, 
etc.) is amended by adding at the end the following new sentence: ``If 
the Federal Energy Regulatory Commission ceases to make the 
determinations described in the preceding sentence, the Secretary shall 
make such determinations in accordance with section 503 of such Act.''
    (b) Conforming Amendment.--Section 29(c)(2)(A) of such Code is 
amended by inserting ``(as in effect before its repeal by the Natural 
Gas Wellhead Decontrol Act of 1989)'' after ``Natural Gas Policy Act of 
1978''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act but shall apply with 
respect to determinations involving gas produced on and after January 
1, 1993.
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