[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4420 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4420

 To repeal tax subsidies enacted by the Energy Policy Act of 2005 for 
   oil and gas, to repeal certain other oil and gas subsidies in the 
Internal Revenue Code of 1986, and to use the proceeds to carry out the 
     Low-Income Home Energy Assistance Act of 1981 and to provide 
                       weatherization assistance.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2005

  Mr. Sanders (for himself and Mr. Kucinich) introduced the following 
  bill; which was referred to the Committee on Ways and Means, and in 
 addition to the Committees on Energy and Commerce, Education and the 
 Workforce, and Budget, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To repeal tax subsidies enacted by the Energy Policy Act of 2005 for 
   oil and gas, to repeal certain other oil and gas subsidies in the 
Internal Revenue Code of 1986, and to use the proceeds to carry out the 
     Low-Income Home Energy Assistance Act of 1981 and to provide 
                       weatherization assistance.

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

SECTION 1. REPEAL OF TAX SUBSIDIES FOR THE OIL AND GAS INDUSTRY.

    (a) Repeal of Certain Oil and Gas Provisions Enacted by the Energy 
Policy Act of 2005.--
            (1) In general.--The following provisions, and amendments 
        made by such provisions, of the Energy Policy Act of 2005 are 
        hereby repealed:
                    (A) Section 1323 (relating to temporary expensing 
                for equipment used in refining of liquid fuels).
                    (B) Section 1329 (relating to amortization of 
                geological and geophysical expenditures).
            (2) Administration of internal revenue code of 1986.--The 
        Internal Revenue Code of 1986 shall be applied and administered 
        as if the provisions, and amendments, specified in paragraph 
        (1) had never been enacted.
    (b) Repeal of Enhanced Oil Recovery Credit.--Section 43 (relating 
to enhanced oil recovery credit) is amended by adding at the end the 
following new subsection:
    ``(f) Termination.--This section shall not apply to taxable years 
beginning after the date of enactment of this subsection.''.
    (c) Repeal of Credit for Production of Low Sulfur Diesel Fuel.--
Section 45H (relating to credit for production of low sulfur diesel 
fuel) is amended by adding at the end the following new subsection:
    ``(h) Termination.--This section shall not apply to taxable years 
beginning after the date of enactment of this subsection.''.
    (d) Repeal of Credit for Producing Fuel From a Nonconventional 
Source.--Subpart D of part IV of subchapter A of chapter 1 of such Code 
is amended by striking section 45K (relating to credit for producing 
fuel from a nonconventional source).
    (e) Repeal of Deduction for Capital Costs Incurred in Complying 
With Environmental Protection Agency Sulfur Regulations.--Section 179B 
(relating to deduction for capital costs incurred in complying with 
Environmental Protection Agency sulfur regulations) is amended by 
adding at the end the following new subsection:
    ``(f) Termination.--This section shall not apply to taxable years 
beginning after the date of enactment of this subsection.''.
    (f) Repeal of Certain Intangible Drilling and Development Costs.--
Subsection (c) of section 263 of such Code (relating to intangible 
drilling and development costs in the case of oil and gas wells and 
geothermal wells) is amended by adding at the end the following new 
sentence: ``This subsection shall not apply to costs incurred in the 
case of oil and gas wells after the date of enactment of this 
sentence.''.
    (g) Repeal of Certain Oil and Gas Provisions.--
            (1) In general.--Part I of subchapter I of chapter 1 of 
        such Code (relating to deductions) is amended by adding at the 
        end the following new section:

``SEC. 618. OIL AND GAS LIMITATION.

    ``This part shall not apply with respect to any expenditure 
relating to any oil or gas well paid or incurred after the date of 
enactment of this section.''.
            (2) Clerical amendment.--The table of sections for part I 
        of subchapter I of chapter 1 of such Code is amended by adding 
        at the end the following new item:

``Sec. 618. Oil and gas limitation.''.
    (h) Effective Date.--The amendments made by this section shall take 
effect on the date of enactment of this section.

SEC. 2. LIHEAP.

    (a) Availability of Funds.--There are appropriated to the Secretary 
of Health and Human Services for allotment under section 2604(e) of the 
Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623(e)) 
$15,000,000,000 for fiscal year 2006, to remain available through 2015.
    (b) Emergency Designation.--Amounts appropriated under subsection 
(a) are designated as an emergency requirement pursuant to section 402 
of H. Con. Res. 95 (109th Congress), the concurrent resolution on the 
budget for fiscal year 2006, or the equivalent section contained in 
concurrent resolutions on the budget for each subsequent fiscal year.

SEC. 3. WEATHERIZATION ASSISTANCE.

    (a) Availability of Funds.--There are appropriated to the Secretary 
of Energy for carrying out part A of title IV of the Energy 
Conservation and Production Act (42 U.S.C. 6861 et seq.) $7,380,000,000 
for fiscal year 2006, to remain available through 2015.
    (b) Emergency Designation.--Amounts appropriated under subsection 
(a) are designated as an emergency requirement pursuant to section 402 
of H. Con. Res. 95 (109th Congress), the concurrent resolution on the 
budget for fiscal year 2006, or the equivalent section contained in 
concurrent resolutions on the budget for each subsequent fiscal year.
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