I 108th CONGRESS 2d Session H. R. 4365 IN THE HOUSE OF REPRESENTATIVES May 13, 2004 Mr. Doggett (for himself, Mr. Shays, Mr. Leach, Mr. Andrews, Mr. Blumenauer, Mr. Cooper, Mr. Markey, Mr. Schiff, Mr. Emanuel, Mr. Grijalva, Mr. Taylor of Mississippi, Mr. Moran of Virginia, Mr. Kucinich, Mr. McGovern, Mr. Sanders, Ms. DeLauro, Ms. Lee, Mr. Tierney, Mr. McDermott, and Mr. Stark) 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 eliminate the inflation adjustment of the phaseout of the credit for producing fuel from a nonconventional source and to repeal the extension of the credit for facilities producing synthetic fuels from coal.

1.

Short title

This Act may be cited as the &short-title1;.

2.

Elimination of inflation adjustment for phaseout of section 29 credit; termination of extension of credit for facilities producing synthetic fuels from coal

(a)

Elimination of inflation adjustment for credit phaseout

(1)

In general

Paragraph (2) of section 29(b) of the Internal Revenue Code of 1986 is amended by striking and the $23.50 and $6 amounts in paragraph (1) shall each and inserting shall. (2)

Clerical amendment

The heading of such paragraph is amended by striking and phaseout adjustment. (b)

Termination of extension of credit for facilities producing synthetic fuels from coal

Paragraph (1) of section 29(g) of the Internal Revenue Code of 1986 (relating to extension for certain facilities) is amended by striking subparagraph (B)(ii) or (C) of subsection (c)(1) and inserting subsection (c)(1)(B)(ii). (c)

Effective dates

(1)

Subsection (a)

The amendments made by subsection (a) shall apply to qualified fuels sold in taxable years beginning after the date of the enactment of this Act. (2)

Subsection (b)

The amendments made by subsection (b) shall apply to qualified fuels sold after the date of the enactment of this Act, in taxable years ending after such date.