1.Short title; table of
contents
(a)This Act may be cited
as the Gas Price Reduction Act of
2006
.
(b)The table of
contents of this Act is as follows:
Sec. 1. Short title;
table of contents.
TITLE I—Temporary reduction in highway fuel tax rate
Sec. 101. Reduction in highway fuel tax and maintenance of
Highway Trust Fund.
Sec. 102. Floor stock refunds.
Sec. 103. Floor stocks tax.
Sec. 104. Benefits of tax reduction should be passed on to
consumers.
TITLE II—Suspension of royalty relief
Sec. 201. Suspension of royalty relief.
TITLE III—Suspension of certain energy production tax
incentives
Sec. 301. Suspension of deduction for development
expenditures.
Sec. 302. Suspension of deduction for certain mining
exploration expenditures.
Sec. 303. Suspension of deduction for intangible drilling and
development costs.
Sec. 304. Suspension of credit for producing fuel from a
nonconventional source.
<enum>I</enum><header>Temporary reduction in highway fuel tax
rate</header>
<section commented="no" display-inline="no-display-inline" id="id42CB9463175046CD9E3FF5DEEBEBA20D" section-type="subsequent-section"><enum>101.</enum><header>Reduction in highway
fuel tax and maintenance of Highway Trust Fund</header>
<subsection commented="no" display-inline="no-display-inline" id="ID36148DB2AC434958A4DE4B2E00A036ED"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 4081 of the
Internal Revenue Code of 1986 (relating to imposition of tax on gasoline,
diesel fuel, and kerosene) is amended by adding at the end the following new
subsection:</text>
<quoted-block display-inline="no-display-inline" id="ID65E92D7D04694F7F83236DBDB11F24EE" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="ID2D5D6192AC1C498700019112688FAC18"><enum>(f)</enum><header>Temporary
reduction in taxes on gasoline, diesel fuel, and kerosene</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID94CF9AD920EB430DAD6FE67F55330036"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">During the applicable
period, each rate of tax referred to in paragraph (2) shall be reduced to zero
cents per gallon.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID7711B971DF104E98BAF94162E0F1D06F"><enum>(2)</enum><header>Rates of
tax</header><text display-inline="yes-display-inline">The rates of tax referred
to in this paragraph are the rates of tax otherwise applicable under—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="IDC2FF911F5AAB48EC89EC54B15DA4F296"><enum>(A)</enum><text display-inline="yes-display-inline">clause (i) and (iii) of subsection
(a)(2)(A) (relating to gasoline, diesel fuel, and kerosene), determined without
regard to subparagraph (B) or (C) of subsection (a)(2), and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID5219A83EB05A4F6496DA0081BA8B256B"><enum>(B)</enum><text display-inline="yes-display-inline">paragraph (1) of section 4041(a) (relating
to diesel fuel) with respect to fuel sold for use or used in a diesel-powered
highway vehicle.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idE452E4CE96A44B858CEE8B21C5BA2C24"><enum>(3)</enum><header>Applicable
period</header><text display-inline="yes-display-inline">For purposes of this
subsection, the term <term>applicable period</term> means the period beginning
after the date of the enactment of the <short-title>Gas
Price Reduction Act of 2006</short-title>, and ending before October 1,
2006.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID840F780AA74E4279AC2DB323222B193D"><enum>(4)</enum><header>Maintenance of
trust fund deposits</header><text display-inline="yes-display-inline">In
determining the amounts to be appropriated to the Highway Trust Fund under
section 9503, an amount equal to the reduction in revenues to the Treasury by
reason of this subsection shall be treated as taxes received in the Treasury
under this
section.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="IDA8ECC5F5A50C492DB7EFA5A444E3B76E"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall take effect on the date of the enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="ID3FA542D193614F7C88A6C1835F23F040" section-type="subsequent-section"><enum>102.</enum><header>Floor stock
refunds</header>
<subsection commented="no" display-inline="no-display-inline" id="ID0B33393DB0774416829356CAA538B36C"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">If—</text>
<paragraph commented="no" display-inline="no-display-inline" id="ID285E71E837A64BA5B8AC6DB66E79F732"><enum>(1)</enum><text display-inline="yes-display-inline">before a tax reduction date, a tax referred
to in section 4081(f)(2) of the Internal Revenue Code of 1986 has been imposed
on any liquid, and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDC508C32A520849DB997EC31741A5D35B"><enum>(2)</enum><text display-inline="yes-display-inline">on such date such liquid is held by a
dealer and has not been used and is intended for sale, there shall be credited
(without interest) to the person who paid such tax (hereafter in this section
referred to as the <quote>taxpayer</quote>), against the taxpayer’s subsequent
semi-monthly deposit of such tax, an amount equal to the excess of the tax paid
by the taxpayer over the amount of such tax which would be imposed on such
liquid had the taxable event occurred on the tax reduction date.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID2CC7327CF9DC4F329365975855D67C16"><enum>(b)</enum><header>Certification
necessary to file claim for credit</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID4B1589F5C6BD42AD811D00F03DCDB0E9"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">In any case where
liquid is held by a dealer (other than the taxpayer) on the tax reduction date,
no credit amount with respect to such liquid shall be allowed to the taxpayer
under subsection (a) unless the taxpayer files with the Secretary—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="IDCAABA01A3D9340E4AE00D06750BC9F16"><enum>(A)</enum><text display-inline="yes-display-inline">a certification that the taxpayer has given
a credit to such dealer with respect to such liquid against the dealer’s first
purchase of liquid from the taxpayer subsequent to the tax reduction date,
and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID54782A190D7B43609756EF9BCF6CB803"><enum>(B)</enum><text display-inline="yes-display-inline">a certification by such dealer that such
dealer has given a credit to a succeeding dealer (if any) with respect to such
liquid against the succeeding dealer’s first purchase of liquid from such
dealer subsequent to the tax reduction date.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID6BDF0689A1F3444E9133A4CB3FB7E07C"><enum>(2)</enum><header>Reasonableness
of claims certified</header><text display-inline="yes-display-inline">Any
certification made under paragraph (1) shall include an additional
certification that the claim for credit was reasonable based on the taxpayer’s
or dealer’s past business relationship with the succeeding dealer.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID27D208B7C41B4D2B932944B274E4C710"><enum>(c)</enum><header>Exception for
fuel held in retail stocks</header><text display-inline="yes-display-inline">No
credit or refund shall be allowed under this section with respect to any liquid
in retail stocks held at the place where intended to be sold at retail.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="IDFA5D78DCF69E48C49B74470988A44457"><enum>(d)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this section—</text>
<paragraph commented="no" display-inline="no-display-inline" id="IDCB4D8C567B194C47B8ACE27EC1BDC621"><enum>(1)</enum><text display-inline="yes-display-inline">the terms <term>dealer</term> and
<term>held by a dealer</term> have the respective meanings given to such terms
by section 6412 of such Code; except that the term <term>dealer</term> includes
a producer, and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID2E114DCF970F494AAFC5242F9ED57F5F"><enum>(2)</enum><text display-inline="yes-display-inline">the term <term>tax reduction date</term>
means the day after the date of the enactment of this Act.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID1742554975CA4903A96F307C5EB943C4"><enum>(e)</enum><header>Certain rules
to apply</header><text display-inline="yes-display-inline">Rules similar to the
rules of subsections (b) and (c) of section 6412 of such Code shall apply for
purposes of this section.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="ID6A45B0F4B62847E893AB6125D9035C2C" section-type="subsequent-section"><enum>103.</enum><header>Floor stocks
tax</header>
<subsection commented="no" display-inline="no-display-inline" id="IDBA8F7F177EE34EF1806D1BE112E0A4D9"><enum>(a)</enum><header>Imposition of
tax</header><text display-inline="yes-display-inline">In the case of any liquid
on which tax would have been imposed under section 4081 of the Internal Revenue
Code of 1986 during the applicable period but for the amendments made by this
title, and which is held on the floor stocks tax date by any person, there is
hereby imposed a floor stocks tax in an amount equal to the tax which would be
imposed on such liquid had the taxable event occurred on the floor stocks tax
date.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID730DABE2D42947AA8BF74D1D61C9A1C5"><enum>(b)</enum><header>Liability for
tax and method of payment</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID0EED0C613A904C52BC31F48147841B59"><enum>(1)</enum><header>Liability for
tax</header><text display-inline="yes-display-inline">A person holding a liquid
on the floor stocks tax date to which the tax imposed by subsection (a) applies
shall be liable for such tax.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID9960D7E5C9B44D3B9605446D40D242AA"><enum>(2)</enum><header>Method of
payment</header><text display-inline="yes-display-inline">The tax imposed by
subsection (a) shall be paid in such manner as the Secretary shall
prescribe.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDC5AEC0F747834CDCAA1BA06631ACE602"><enum>(3)</enum><header>Time for
payment</header><text display-inline="yes-display-inline">The tax imposed by
subsection (a) shall be paid on or before the date which is 6 months after the
floor stocks tax date.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="IDDEA0E8BE3FFC429E8645AE1465C4A03C"><enum>(c)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this section—</text>
<paragraph commented="no" display-inline="no-display-inline" id="ID4C05156B9D234FC886E3C9C316210077"><enum>(1)</enum><header>Held by a
person</header><text display-inline="yes-display-inline">A liquid shall be
considered as <quote>held by a person</quote> if title thereto has passed to
such person (whether or not delivery to the person has been made).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID5B12095369FD42E1A17D4C8B279C7720"><enum>(2)</enum><header>Gasoline,
diesel fuel, and aviation fuel</header><text display-inline="yes-display-inline">The terms <term>gasoline</term> and
<term>diesel fuel</term> have the respective meanings given such terms by
sections 4083 of such Code.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDD2A10C08395448A38C44DC531B7448A8"><enum>(3)</enum><header>Floor stocks
tax date</header><text display-inline="yes-display-inline">The term <term>floor
stocks tax date</term> means October 1, 2006.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID7A4AF01AC6554952B551F7DCE63CC7D6"><enum>(4)</enum><header>Applicable
period</header><text display-inline="yes-display-inline">The term
<term>applicable period</term> has the meaning given such term by section
4081(f)(3) of such Code.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDE8A480049F2741FFB5BC0870BAF31EA3"><enum>(5)</enum><header>Secretary</header><text display-inline="yes-display-inline">The term <term>Secretary</term> means the
Secretary of the Treasury or the Secretary’s delegate.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="IDD0124B7BC1294220A74B4F4B3F10007C"><enum>(d)</enum><header>Exception for
exempt uses</header><text display-inline="yes-display-inline">The tax imposed
by subsection (a) shall not apply to gasoline, diesel fuel, kerosene, or
aviation fuel held by any person exclusively for any use to the extent a credit
or refund of the tax imposed by section 4081 of such Code is allowable for such
use.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="IDA17471B91CF54EC9B5FDBBEDAA7DA65D"><enum>(e)</enum><header>Exception for
fuel held in vehicle tank</header><text display-inline="yes-display-inline">No
tax shall be imposed by subsection (a) on gasoline, diesel fuel, or kerosene
held in the tank of a motor vehicle.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="IDA9B50474031A44AD8994887FF1C7C2C7"><enum>(f)</enum><header>Exception for
certain amounts of fuel</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID2A6A3260D62A47EB8FD96D77DDFC1801"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">No tax shall be
imposed by subsection (a)—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="IDFD3BA61BACD347CA9FF47E59A645DCE6"><enum>(A)</enum><text display-inline="yes-display-inline">on gasoline held on the floor stocks tax
date by any person if the aggregate amount of gasoline held by such person on
such date does not exceed 4,000 gallons, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDFDB254E23F3C4BD4BE63261725F05287"><enum>(B)</enum><text display-inline="yes-display-inline">on diesel fuel or kerosene held on such
date by any person if the aggregate amount of diesel fuel or kerosene held by
such person on such date does not exceed 2,000 gallons.</text>
</subparagraph><continuation-text commented="no" continuation-text-level="paragraph">The preceding sentence shall apply
only if such person submits to the Secretary (at the time and in the manner
required by the Secretary) such information as the Secretary shall require for
purposes of this subsection.</continuation-text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID674D0FE8B4724D6D9CECD427CBA68DD0"><enum>(2)</enum><header>Exempt
fuel</header><text display-inline="yes-display-inline">For purposes of
paragraph (1), there shall not be taken into account fuel held by any person
which is exempt from the tax imposed by subsection (a) by reason of subsection
(d) or (e).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDCB455841EC1C4061AA4331B63DDB4690"><enum>(3)</enum><header>Controlled
groups</header><text display-inline="yes-display-inline">For purposes of this
subsection—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="IDA264E2DE7E55438185A7BFC55B23691E"><enum>(A)</enum><header>Corporations</header>
<clause commented="no" display-inline="no-display-inline" id="ID47A9DCA71B754B08A7D7675F6CD96777"><enum>(i)</enum><header>In
general</header><text display-inline="yes-display-inline">All persons treated
as a controlled group shall be treated as 1 person.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="ID8D82D920D53E4E5FB062632EC6F4B738"><enum>(ii)</enum><header>Controlled
group</header><text display-inline="yes-display-inline">The term
<term>controlled group</term> has the meaning given to such term by subsection
(a) of section 1563 of such Code; except that for such purposes the phrase
<quote>more than 50 percent</quote> shall be substituted for the phrase
<quote>at least 80 percent</quote> each place it appears in such
subsection.</text>
</clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDC4E99C3D03F34A4BA754A7E767A16000"><enum>(B)</enum><header>Nonincorporated
persons under common control</header><text display-inline="yes-display-inline">Under regulations prescribed by the
Secretary, principles similar to the principles of this subparagraph shall
apply to a group of persons under common control where 1 or more of such
persons is not a corporation.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID096539D2BE62490193D4B1EE9B5148ED"><enum>(g)</enum><header>Other law
applicable</header><text display-inline="yes-display-inline">All provisions of
law, including penalties, applicable with respect to the taxes imposed by
section 4081 of such Code shall, insofar as applicable and not inconsistent
with the provisions of this section, apply with respect to the floor stock
taxes imposed by subsection (a) to the same extent as if such taxes were
imposed by such section 4081.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="ID2E04D5C9229345D2912332FEA0FD004E" section-type="subsequent-section"><enum>104.</enum><header>Benefits of tax
reduction should be passed on to consumers</header>
<subsection commented="no" display-inline="no-display-inline" id="ID18DF95D10A9A4DAE977B480082A38F44"><enum>(a)</enum><header>Passthrough to
consumers</header>
<paragraph commented="no" display-inline="no-display-inline" id="ID638724A6F7C04679B7E8E94DC7746535"><enum>(1)</enum><header>Sense of
Congress</header><text display-inline="yes-display-inline">It is the sense of
Congress that—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ID8628951C7E864FF3B737AEF6FC924D5B"><enum>(A)</enum><text display-inline="yes-display-inline">consumers immediately receive the benefit
of the reduction in taxes under this title, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID4A3EE49F7651491EA5C8F7D1D143FC3C"><enum>(B)</enum><text display-inline="yes-display-inline">transportation motor fuels producers and
other dealers take such actions as necessary to reduce transportation motor
fuels prices to reflect such reduction, including immediate credits to customer
accounts representing tax refunds allowed as credits against excise tax deposit
payments under the floor stocks refund provisions of this title.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDF3B09348B75140AC99779CB5BE48B389"><enum>(2)</enum><header>Study</header>
<subparagraph commented="no" display-inline="no-display-inline" id="IDDB2E3D17CD1B439ABB34D786DDCEA0BE"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">The Comptroller
General of the United States and the Attorney General of the United States
shall conduct a study of the reduction of taxes under this title to determine
whether there has been a passthrough of such reduction.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID8D8704D0DB4A4F0DA2B7C1F1A8857645"><enum>(B)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than June 30, 2006, the
Comptroller General of the United States and the Attorney General of the United
States shall report to the Committee on Finance of the Senate and the Committee
on Ways and Means of the House of Representatives the results of the study
conducted under subparagraph (A).</text>
</subparagraph></paragraph></subsection></section><enum>II</enum><header>Suspension of royalty relief</header>
<section commented="no" display-inline="no-display-inline" id="id4802CD11D54C49E39E77FECB4B6E74FA" section-type="subsequent-section"><enum>201.</enum><header>Suspension of
royalty relief</header>
<subsection commented="no" display-inline="no-display-inline" id="H54B42A4DA4114C74AF2EDB62DFD39265"><enum>(a)</enum><header>New
leases</header>
<paragraph commented="no" display-inline="no-display-inline" id="HA02195D11BB449268FDBE00C67B4111"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Secretary of the Interior (referred to
in this title as the <term>Secretary</term>) shall suspend the application of
any provision of Federal law under which a person would otherwise be provided
relief from a requirement to pay a royalty for the production of oil or natural
gas from Federal land (including submerged land) occurring on or after the date
of enactment of this Act during a period in which—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H3F7719B463C94698A9A1BDE9D132515"><enum>(A)</enum><text display-inline="yes-display-inline">for the production of oil, the average
price of crude oil in the United States during the 4-week period immediately
preceding the suspension is greater than $50.00 per barrel; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H189B162C757946E78C1FB14226E44B21"><enum>(B)</enum><text display-inline="yes-display-inline">for the production of natural gas, the
average wellhead price of natural gas in the United States during the 4-week
period immediately preceding the suspension is greater than $6.25 per 1,000
cubic feet.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H8897089F89F54436A3264E8B40C95500"><enum>(2)</enum><header>Determination of
average prices</header><text display-inline="yes-display-inline">For purposes
of paragraph (1), the Secretary shall determine average prices, taking into
consideration the most recent data reported by the Energy Information
Administration.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H9C4527D6DBA94E76A6EB5600CB6DDE32"><enum>(b)</enum><header>Renegotiation of
existing leases</header>
<paragraph commented="no" display-inline="no-display-inline" id="H39B3CCA891B04C17BA4B5863003200F1"><enum>(1)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Secretary shall, to the maximum extent
practicable, renegotiate each lease authorizing production of oil or natural
gas on Federal land (including submerged land) issued by the Secretary before
the date of the enactment of this Act as the Secretary determines to be
necessary to modify the terms of the lease to ensure that a suspension of a
requirement to pay royalties under the lease does not apply to production
described in subsection (a)(1).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H0011523B52AC420784B482DEE107F396"><enum>(2)</enum><header>Failure to
renegotiate and modify</header>
<subparagraph commented="no" display-inline="no-display-inline" id="id3F8685A36AD444458A60EE2496D5DEC2"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">Beginning on the date
that is 1 year after the date of enactment of this Act, a lessee that does not
renegotiate a lease described in paragraph (1) in accordance with that
paragraph shall not be eligible to enter into a new lease authorizing
production of oil or natural gas on Federal land (including submerged
land).</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id3E42A6FBC40F47E2A65F06F7570823C2"><enum>(B)</enum><header>Transfers</header><text display-inline="yes-display-inline">A lessee shall not be eligible to obtain by
sale or other transfer any lease described in paragraph (1) issued before the
date of enactment of this Act, unless the lessee—</text>
<clause commented="no" display-inline="no-display-inline" id="idD9EAD0373E6243A9985554A4C7A9402E"><enum>(i)</enum><text display-inline="yes-display-inline">renegotiates the lease; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idD4028A32FD6F49FD908234D3B020D106"><enum>(ii)</enum><text display-inline="yes-display-inline">enters into an agreement with the Secretary
to modify the terms of the lease in accordance with paragraph (1).</text>
</clause></subparagraph></paragraph></subsection></section><enum>III</enum><header>Suspension of certain energy production tax
incentives</header>
<section commented="no" display-inline="no-display-inline" id="idE2C2163E0CDB4388B0F3B480EE07698B" section-type="subsequent-section"><enum>301.</enum><header>Suspension of
deduction for development expenditures</header><text display-inline="no-display-inline">Section 616 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="idD88F105C8CE94053867ECD98FEF2B67C" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id4AAB63434FE54EED9D6C44030EA766DC"><enum>(f)</enum><header>Nonapplication
of section</header><text display-inline="yes-display-inline">This section shall
not apply with respect to any expenditure paid or incurred during the period
beginning on the date of the enactment of this subsection and ending on the
date on which aggregate revenues resulting from the provisions of, and
amendments made by, sections 201 through 304 of the
<short-title>Gas Price Reduction Act of 2006</short-title>
are estimated by the Secretary to equal the aggregate appropriations made to
the Highway Trust Fund by reason of section
9503(f)(4).</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section commented="no" display-inline="no-display-inline" id="id83D84CF958A54839A8786B7BA4B9DA89" section-type="subsequent-section"><enum>302.</enum><header>Suspension of
deduction for certain mining exploration expenditures</header><text display-inline="no-display-inline">Section 617 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="idC75615D428C34B35AAE9DB1CC76C5172" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="idED177A0442D24F66BFE1F996B972FD82"><enum>(j)</enum><header>Nonapplication
of section</header><text display-inline="yes-display-inline">This section shall
not apply with respect to any expenditure paid or incurred during the period
beginning on the date of the enactment of this subsection and ending on the
date on which aggregate revenues resulting from the provisions of, and
amendments made by, sections 201 through 304 of the
<short-title>Gas Price Reduction Act of 2006</short-title>
are estimated by the Secretary to equal the aggregate appropriations made to
the Highway Trust Fund by reason of section
9503(f)(4).</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section commented="no" display-inline="no-display-inline" id="idE6AFADE82E594CF5BE407F0D647B9BF4" section-type="subsequent-section"><enum>303.</enum><header>Suspension of
deduction for intangible drilling and development costs</header><text display-inline="no-display-inline">Section 263(c) of the Internal Revenue Code
of 1986 is amended by adding at the end the following new sentence: <quote>This
section shall not apply with respect to any costs paid or incurred during the
period beginning on the date of the enactment of this sentence and ending on
the date on which aggregate revenues resulting from the provisions of, and
amendments made by, sections 201 through 304 of the
<short-title>Gas Price Reduction Act of 2006</short-title>
are estimated by the Secretary to equal the aggregate appropriations made to
the Highway Trust Fund by reason of section 9503(f)(4).</quote>.</text>
</section><section commented="no" display-inline="no-display-inline" id="id0BC64ADCF9044EBBACFE0DB4B362A12B" section-type="subsequent-section"><enum>304.</enum><header>Suspension of credit
for producing fuel from a nonconventional source</header><text display-inline="no-display-inline">Section 45K of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="id77EC87191B2F4083A1D4D4A18E55B819" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id07DFD5B33AF9426DA7E0EB853E40DB5E"><enum>(h)</enum><header>Nonapplication
of section</header><text display-inline="yes-display-inline">This section shall
not apply with respect to any fuel sold during the period beginning on the date
of the enactment of this subsection and ending on the date on which aggregate
revenues resulting from the provisions of, and amendments made by, sections 201
through 304 of the <short-title>Gas Price Reduction Act of
2006</short-title> are estimated by the Secretary to equal the aggregate
appropriations made to the Highway Trust Fund by reason of section
9503(f)(4).</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section>