[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6155 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6155

   To establish and fund a Clean Energy Fund, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2008

  Mr. Markey introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committees on 
 Energy and Commerce, Science and Technology, and Education and Labor, 
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 establish and fund a Clean Energy Fund, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Renewable Investment and Consumer 
Protection Act''.

SEC. 2. CLEAN ENERGY FUND.

    (a) Establishment of Clean Energy Fund.--
            (1) Creation of fund.--There is established in the Treasury 
        of the United States an account to be known as the ``Clean 
        Energy Fund'', consisting of such amounts as may be 
        appropriated as provided in this section.
            (2) Transfers.--There is hereby appropriated an amount 
        equivalent to the increase in revenues received in the Treasury 
        as the result of the tax imposed under section 4983 of the 
        Internal Revenue Code of 1986. Of such amounts--
                    (A) 60 percent shall be appropriated to offset the 
                cost of subsequent legislation--
                            (i) to accelerate the use of clean domestic 
                        renewable energy resources and alternative 
                        fuels;
                            (ii) to promote the utilization of energy-
                        efficient products and practices and 
                        conservation; and
                            (iii) to increase research, development, 
                        and deployment of clean renewable energy and 
                        efficiency technologies; and
                    (B) 40 percent shall be appropriated to the 
                Secretary of Health and Human Services for carrying out 
                the Low-Income Home Energy Assistance Act of 1981 (42 
                U.S.C. 8621 et seq.).
    (b) Imposition of Tax.--The Internal Revenue Code of 1986 is 
amended by inserting after chapter 44 the following new chapter:

 ``CHAPTER 44A--STOCK REPURCHASE TRANSACTIONS BY MAJOR INTEGRATED OIL 
                               COMPANIES

``Sec. 4983. Stock repurchase transactions by major integrated oil 
                            companies.

``SEC. 4983. STOCK REPURCHASE TRANSACTIONS BY MAJOR INTEGRATED OIL 
              COMPANIES.

    ``(a) Imposition of Tax.--There is hereby imposed on each covered 
stock repurchase transaction a tax equal to 10 percent of the fair 
market value of such transaction.
    ``(b) Liability for Tax.--The tax imposed by subsection (a) shall 
be paid by the purchaser of the repurchased stock.
    ``(c) Covered Stock Transaction.--For purposes of this section, the 
term `covered stock repurchase transaction' means the repurchase of 
outstanding shares of stock by a major integrated oil company (as 
defined in section 167(h)(5)) pursuant to a stock buyback program.''.
    (c) Clerical Amendment.--The table of chapters for subtitle D of 
the Internal Revenue Code of 1986 is amended by inserting after the 
item relating to chapter 44 the following new item:

 ``Chapter 44A. Stock Repurchase Transactions by Major Integrated Oil 
                             Companies.''.

    (d) Effective Date.--The amendments made by this section shall 
apply with respect to purchases of stock after the date of the 
enactment of this Act.
                                 <all>