[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1331 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1331

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2003

Mr. Moore (for himself, Mr. Burr, Mrs. Capito, Mr. Turner of Texas, Mr. 
  Stenholm, Mr. Sandlin, and Ms. McCarthy of Missouri) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

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

    (a) In General.--Section 29 of the Internal Revenue Code of 1986 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, 
                        January 1, 2010.
                    ``(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 for facilities producing qualified fuel 
        from landfill gas.--
                    ``(A) In general.--In the case of a facility for 
                producing qualified fuel from landfill gas which was 
                placed in service after June 30, 1998, and before 
                January 1, 2007, this section shall apply to fuel 
                produced at such facility during the 5-year period 
                beginning on the later of--
                            ``(i) the date such facility was placed in 
                        service, or
                            ``(ii) the date of the enactment of this 
                        subsection.
                    ``(B) Reduction of credit for certain landfill 
                facilities.--In the case of a facility to which 
                paragraph (1) applies and which is subject to the 1996 
                New Source Performance Standards/Emmissions Guidelines 
                of the Environmental Protection Agency, subsection 
                (a)(1) shall be applied by substituting `$2' for `$3'.
            ``(3) Special rules.--In determining the amount of credit 
        allowable under this section solely by reason of this 
        subsection--
                    ``(A) Daily limit.--The amount of qualified fuels 
                sold during any taxable year which may be taken into 
                account by reason of this subsection with respect to 
                any project shall not exceed an average barrel-of-oil 
                equivalent of 200,000 cubic feet of natural gas per 
                day. Days before the date the project is placed in 
                service shall not be taken into account in determining 
                such average.
                    ``(B) Extension period to commence with unadjusted 
                credit amount.--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)). 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>