110 HR 6155 IH: Renewable Investment and Consumer U.S. House of Representatives 2008-05-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6155 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.

1.

Short title

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

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: 44A

Stock repurchase transactions by major integrated oil companies

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

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.