[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1547 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1547

  To amend the Internal Revenue Code of 1986 to extend and modify the 
        credit for producing fuel from a nonconventional source.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 15, 2001

  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 extend and modify the 
        credit for producing fuel from a nonconventional source.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Nonconventional Natural Gas 
Reliability Act''.

SEC. 2. EXTENSION AND MODIFICATION OF CREDIT FOR PRODUCING FUEL FROM A 
              NONCONVENTIONAL SOURCE.

    (a) In General.--Section 29 of the Internal Revenue Code of 1986 
(relating to credit for producing fuel from a nonconventional source) 
is amended by adding at the end the following new subsection:
    ``(h) Extension for Other Facilities.--
            ``(1) Extension for oil and certain gas.--In the case of a 
        well for producing qualified fuels described in subparagraph 
        (A) or (B)(i) of subsection (c)(1)--
                    ``(A) Application of credit for new wells.--
                Notwithstanding subsection (f), this section shall 
                apply with respect to such fuels--
                            ``(i) which are produced from a well 
                        drilled after the date of the enactment of this 
                        subsection and before January 1, 2007, and
                            ``(ii) which are sold not later than the 
                        close of the 4-year period beginning on the 
                        date that such well is drilled, or, if earlier, 
                        December 31, 2009.
                    ``(B) Extension of credit for old wells.--
                Subsection (f)(2) shall be applied by substituting 
                `2007' for `2003' with respect to wells described in 
                subsection (f)(1)(A) with respect to such fuels.
            ``(2) Extension period to commence with unadjusted credit 
        amount.--In determining the amount of credit allowable under 
        this section solely by reason of this subsection--
                    ``(A) in the case of fuels sold during 2001 and 
                2002, the dollar amount applicable under subsection 
                (a)(1) shall be $3 (without regard to subsection 
                (b)(2)), and
                    ``(B) in the case of fuels sold after 2002, 
                subparagraph (B) of subsection (d)(2) shall be applied 
                by substituting `2002' for `1979'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to fuel sold after the date of the enactment of this Act.
                                 <all>