II 109th CONGRESS 2d Session S. 2748 IN THE SENATE OF THE UNITED STATES May 4, 2006 Mr. Bingaman (for himself, Mr. Bayh, Mr. Coleman, Mr. Lieberman, Mr. Lugar, Ms. Cantwell, Ms. Collins, Mr. Salazar, Mr. Kerry, Mrs. Clinton, and Mr. Nelson of Florida) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide tax incentives to promote energy production and conservation, and for other purposes.

1.

Short title; amendment of Code; table of contents

(a)

Short title

This Act may be cited as the Enhanced Energy Security Tax Incentives Act of 2006. (b)

Amendment of 1986 Code

Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c)

Table of contents

The table of contents for this Act is as follows: Sec. 1. Short title; amendment of Code; table of contents. TITLE I—Extension of Incentives Sec. 101. Extension of credit for electricity produced from certain renewable resources. Sec. 102. Extension and expansion of credit to holders of clean renewable energy bonds. Sec. 103. Extension of energy efficient commercial buildings deduction. Sec. 104. Extension and expansion of new energy efficient home credit. Sec. 105. Extension of nonbusiness energy property credit. Sec. 106. Extension of residential energy efficient property credit. Sec. 107. Extension of credit for business installation of qualified fuel cells and stationary microturbine power plants. Sec. 108. Extension of business solar investment tax credit. Sec. 109. Extension of alternative fuel excise tax provisions, income tax credits, and tariff duties. Sec. 110. Extension of full credit for qualified electric vehicles. TITLE II—Incentives for alternative fuel vehicles Sec. 201. Consumer incentives to purchase advanced technology vehicles. Sec. 202. Advanced technology motor vehicles manufacturing credit. Sec. 203. Tax incentives for private fleets. Sec. 204. Modification of alternative vehicle refueling property credit. Sec. 205. Inclusion of heavy vehicles in limitation on depreciation of certain luxury automobiles. Sec. 206. Idling reduction tax credit. TITLE III—Additional incentives Sec. 301. Energy credit for combined heat and power system property. Sec. 302. Three-year applicable recovery period for depreciation of qualified energy management devices. Sec. 303. Three-year applicable recovery period for depreciation of qualified water submetering devices. TITLE IV—Revenue provisions Sec. 401. Revaluation of LIFO inventories of large integrated oil companies. Sec. 402. Elimination of amortization of geological and geophysical expenditures for major integrated oil companies. Sec. 403. Modifications of foreign tax credit rules applicable to large integrated oil companies which are dual capacity taxpayers.