[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2899 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2899

  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

                             June 14, 2005

 Mr. Moore of Kansas (for himself, Mr. Shimkus, Mr. Matheson, and Mr. 
   Bachus) 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) notwithstanding subsection (f), this section 
                shall apply with respect to such fuel--
                            ``(i) which is produced from a well drilled 
                        after the date of the enactment of this 
                        subsection and before January 1, 2009, and
                            ``(ii) which is sold not later than the 
                        earlier of January 1, 2012, or the close of the 
                        4-year period beginning on the date that such 
                        fuel is produced, and
                    ``(B) with respect to such fuels produced from a 
                well described in subsection (f)(1)(A), subsection 
                (f)(2) shall be applied by substituting `2009' for 
                `2003'.
            ``(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, 2000, and before 
                January 1, 2009, 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/Emissions Guidelines 
                of the Environmental Protection Agency, subsection 
                (a)(1) shall be applied by substituting `$2' for `$3'.
            ``(3) Special rules.--
                    ``(A) Daily limit.--In determining the amount of 
                credit allowable under this section solely by reason of 
                this subsection, 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 determining the amount of credit 
                allowable under this section solely by reason of this 
                subsection with respect to fuels sold during 2005 and 
                2006, the dollar amount applicable under subsection 
                (a)(1) shall be $3 (without regard to subsection 
                (b)(2)). In the case of fuels sold after 2006, 
                subparagraph (B) of subsection (d)(2) shall be applied 
                by substituting `2006' 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 in taxable 
years ending after such date.
                                 <all>