110 HR 6647 IH: Energy Fraud and Fairness Reform
U.S. House of Representatives
2008-07-29
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.
1.This Act may be cited as the
Energy Fraud and Fairness Reform
Act
.
<enum>I</enum><header>Federal Trade
Commission</header>
<section id="HDEEAFB2FEAE14D309E7EEF232D3427F"><enum>101.</enum><header>Investigation of
gasoline prices</header>
<subsection id="H0E70D9DE92F74E3B9806CA8B98F89709"><enum>(a)</enum><header>Investigation</header><text display-inline="yes-display-inline">Not later than 30 days after the date of
the enactment of this Act, the Federal Trade Commission shall commence an
investigation to determine if the price of gasoline is being artificially
manipulated by speculation in the oil markets and specifically at the
Intercontinental Exchange in Atlanta, Georgia.</text>
</subsection><subsection id="HDE8144AA8CF44C2483BB2818C548E146"><enum>(b)</enum><header>Report to
Congress</header><text display-inline="yes-display-inline">Not later than 90
days after the date of the enactment of this Act, the Federal Trade Commission
shall transmit to Congress a report that describes—</text>
<paragraph id="H97E568F40C4C4CDB874F7D34D07FE268"><enum>(1)</enum><text>the progress of
the investigation; and</text>
</paragraph><paragraph id="H09723112B9E94CCEA16B2B6FB45DF9DF"><enum>(2)</enum><text>any
recommendations of the Federal Trade Commission regarding any legislation
necessary to address speculation in the oil markets.</text>
</paragraph></subsection></section><enum>II</enum><header>Tax
Provisions</header>
<section id="HFB0C0B17D1CF4242BB1D74EE79F2264D" section-type="subsequent-section"><enum>201.</enum><header>Increase in credit
for alternative fuel vehicle refueling property</header>
<subsection id="H7039AF872680467587829402F720ABA3"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (a) of
<external-xref legal-doc="usc" parsable-cite="usc/26/30C">section 30C</external-xref> of the Internal Revenue Code of 1986 (relating to credit allowed
for alternative fuel vehicle refueling property) is amended by striking
<quote>30 percent</quote> and inserting <quote>50 percent</quote>.</text>
</subsection><subsection id="HF1CA48D53C8B408EB2844F990040CB92"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall apply to property
placed in service after the date of the enactment of this Act in taxable years
ending after such date.</text>
</subsection></section><section id="H4D797D3A42D14FDC82900500E32F174F"><enum>202.</enum><header>Credit for
converting gas and diesel propelled motor vehicles to vehicles propelled by
alternative fuel, clean fuel, or fuel cells</header>
<subsection id="H61884A98E16F4FB29F0000BDDDFCB5C0"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subpart B of part IV
of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 is amended by
adding at the end the following new section:</text>
<quoted-block display-inline="no-display-inline" id="H992759DF8C264399909D303D1C6F1B52" style="OLC">
<section id="HF2B909DEAE0C47C6AFD6AB7B3445BC94"><enum>30D.</enum><header>Conversion of
gas and diesel propelled motor vehicles propelled by alternative fuel, clean
fuel, or fuel cells</header>
<subsection id="H961022A8B56D46D49BBDA631F901001B"><enum>(a)</enum><header>Allowance of
credit</header><text display-inline="yes-display-inline">There shall be allowed
as a credit against the tax imposed by this chapter for the taxable year an
amount equal to the aggregate costs of a qualified conversion of a motor
vehicle—</text>
<paragraph id="HEC85EDF5F3D84E759952CD1BE6D3035"><enum>(1)</enum><text>which, after such
conversion, is placed in service by the taxpayer during the taxable
year,</text>
</paragraph><paragraph id="HCC6CB7BC5EB04D29B894F0E8202DA1EE"><enum>(2)</enum><text>of which the
original use after such conversion commences with the taxpayer, and</text>
</paragraph><paragraph id="HEC040284F3974EA5BDFFD3CF3EDD2905"><enum>(3)</enum><text display-inline="yes-display-inline">which, after such conversion, is for use or
lease by the taxpayer and not for resale or lease to others.</text>
</paragraph></subsection><subsection id="HC47B972954F5492CBA93386184EED555"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section—</text>
<paragraph id="H8889BA2CC31C4D1DB6C32406D066DA17"><enum>(1)</enum><header>Qualified
conversion</header><text>The term <term>qualified conversion</term> means the
conversion of a motor vehicle from a vehicle that is propelled by gasoline or
diesel fuel to a vehicle that is propelled by alternative fuel, clean fuel, or
fuel cells.</text>
</paragraph><paragraph id="HE4D3473EE31047C382F8496FC147B766"><enum>(2)</enum><header>Alternative
fuel</header><text>The term <term>alternative fuel</term> has the meaning given
such term by section 6426(d)(2), determined without regard to the last sentence
thereof.</text>
</paragraph><paragraph id="H76D0B3D5A52E4C979080D4EC72C0C1A8"><enum>(3)</enum><header>Clean
fuel</header><text>The term <term>clean fuel</term> has the meaning given such
term by section 179A(e)(1).</text>
</paragraph><paragraph id="H83CE2CA12E094A50914B85BDD0577D39"><enum>(4)</enum><header>Fuel
cell</header><text>The term <term>fuel cell</term> means qualified fuel cell
property (as defined in section 48(c)(1)).</text>
</paragraph><paragraph id="H0B0748EBB2B5434AB5F6B87F7224D2B4"><enum>(5)</enum><header>Motor
vehicle</header><text>The term <term>motor vehicle</term> has the meaning given
such term by section 30(c)(2).</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H28F15A681FCF4C08BAE593DF00309B7D"><enum>(c)</enum><header>Application with
other credits</header>
<paragraph commented="no" id="H67A42498EDC54705B5AD909BD8C6BF26"><enum>(1)</enum><header>Business credit
treated as part of general business credit</header><text display-inline="yes-display-inline">So much of the credit which would be
allowed under subsection (a) for any taxable year (determined without regard to
this subsection) that is attributable to property of a character subject to an
allowance for depreciation shall be treated as a credit listed in section 38(b)
for such taxable year (and not allowed under subsection (a)).</text>
</paragraph><paragraph id="H245B00CD2D2844069D68EE406D3EDCA4"><enum>(2)</enum><header>Personal
credit</header>
<subparagraph id="H886B2CAB6A0E4B2A9DD119FDE7483514"><enum>(A)</enum><header>In
general</header><text>For purposes of this title, the credit allowed under
subsection (a) for any taxable year (determined after application of paragraph
(1)) shall be treated as a credit allowable under subpart A for such taxable
year.</text>
</subparagraph><subparagraph id="H13BC46CACAF24363B0C3163FE1FB2422"><enum>(B)</enum><header>Limitation based
on amount of tax</header><text>In the case of a taxable year to which section
26(a)(2) does not apply, the credit allowed under subsection (a) for any
taxable year (determined after application of paragraph (1)) shall not exceed
the excess of—</text>
<clause id="H0CAD740201B14014B5EAF1B1B14ED92C"><enum>(i)</enum><text>the sum of the
regular tax liability (as defined in section 26(b)) plus the tax imposed by
section 55, over</text>
</clause><clause id="H32F05FE8AAED43EDA1BEB1DF07464910"><enum>(ii)</enum><text display-inline="yes-display-inline">the sum of the credits allowable under
subpart A (other than this section and sections 23 and 25D) and section 27 for
the taxable year.</text>
</clause></subparagraph></paragraph></subsection><subsection id="HF94892F5C5DB45CBBB00DB19C82E9C33"><enum>(d)</enum><header>Special
rules</header>
<paragraph display-inline="no-display-inline" id="H138D70DC4FC844C08E2032A413A628D"><enum>(1)</enum><header>Basis
reduction</header><text>The basis of any property for which a credit is
allowable under subsection (a) shall be reduced by the amount of such credit
(determined without regard to subsection (d)).</text>
</paragraph><paragraph id="H9F46C4362B0F4976B9FC7535EA028EE"><enum>(2)</enum><header>Recapture</header><text>The
Secretary shall, by regulations, provide for recapturing the benefit of any
credit allowable under subsection (a) with respect to any property which ceases
to be property eligible for such credit.</text>
</paragraph><paragraph id="H2134C248D01E470600B4F9A0FEB7BB7B"><enum>(3)</enum><header>Property used
outside United States, etc., not qualified</header><text>No credit shall be
allowed under subsection (a) with respect to any property referred to in
section 50(b)(1) or with respect to the portion of the cost of any property
taken into account under section 179.</text>
</paragraph><paragraph id="HAF3B36422C8A4C73B9F2DB00245E2143"><enum>(4)</enum><header>Election not to
take credit</header><text>No credit shall be allowed under subsection (a) for
any conversion of a vehicle if the taxpayer elects to not have this section
apply to such conversion.</text>
</paragraph><paragraph id="H07D7E97D562145A4A5A800BC0023A73E"><enum>(5)</enum><header>Denial of double
benefit</header>
<subparagraph id="HD35EED7C63714EAB934384F4F9BB0FD"><enum>(A)</enum><text>If a credit is
allowed under section 30B with respect to a vehicle, not credit shall be
allowed under this section with respect to such vehicle.</text>
</subparagraph><subparagraph id="HD8B8264C54E745568B09FFCB0069548B"><enum>(B)</enum><text>No amount taken
into account under this section shall be allowed as a deduction under any other
provision of this subtitle.</text>
</subparagraph></paragraph><paragraph commented="no" id="HD914D8994B68433AB4A16248E8C331CE"><enum>(6)</enum><header>Property used by
tax-exempt entity; interaction with air quality and motor vehicle safety
standards</header><text>Rules similar to the rules of paragraphs (6) and (10)
of section 30B(h) shall apply for purposes of this
section.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H607499D3A26A4E949D70B3D4EAD1ED2"><enum>(b)</enum><header>Credit made part
of general business credit</header><text display-inline="yes-display-inline">Section 38(b) of such Code is amended by
striking <quote>plus</quote> at the end of paragraph (32), by striking the
period at the end of paragraph (33) and inserting ‘‘, plus’’, and by adding at
the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HD4DBDE3DE6F24941B2F87F46EA8547A4" style="OLC">
<paragraph commented="no" id="HDFD902D2AE504D318DEA51EDEA41E4D8"><enum>(34)</enum><text display-inline="yes-display-inline">the portion of the motor vehicle conversion
credit to which section 30D(d)(1)
applies.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection display-inline="no-display-inline" id="HDAE75232140C48E9A9693E29F929006F"><enum>(c)</enum><header>Conforming
amendments</header>
<paragraph id="H5A28D41B01814A71AC021E2427508D92"><enum>(1)</enum><text>Section 1016(a) of
such Code is amended by striking <quote>and</quote> at the end of paragraph
(35), by striking the period at the end of paragraph (36) and inserting
<quote>, and</quote>, and by adding at the end the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HF8547F53494041E3972D37B8C14DFAA" style="OLC">
<paragraph id="H137AD92C93D94125948FB11B6013AE5F"><enum>(37)</enum><text>to the extent
provided in section
30D(e)(1).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H12598F7ACB6546F7BEB5B02DFB977D34"><enum>(2)</enum><text>Section 6501(m) of
such Code is amended by inserting <quote>30D(e)(4),</quote> after
<quote>30C(e)(5),</quote>.</text>
</paragraph><paragraph id="HAA440DA65D6D4DC09B93C3302158EAAE"><enum>(3)</enum><text>The table of
sections for subpart B of part IV of subchapter A of chapter 1 of such Code is
amended by adding at the end the following new item:</text>
<quoted-block id="HC35F917415B74BF6A790BF7D90CE82EA" style="OLC">
<toc>
<toc-entry level="section">Sec. 30D. Conversion of gas and diesel
propelled motor vehicles propelled by alternative fuel, clean fuel, or fuel
cells.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HCEEC7D585D4942F48346AE503B63D631"><enum>(d)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendments made by
this section shall apply to taxable years beginning after December 31,
2008.</text>
</subsection></section><enum>III</enum><header>Refinery
capacity study</header>
<section id="HFFD2EEA204044F3085001D5000DA5571" section-type="subsequent-section"><enum>301.</enum><header>Refinery capacity
study</header><text display-inline="no-display-inline">Not later than 90 days
after the date of enactment of this Act, the Comptroller General shall transmit
to Congress a report containing the results of a study of refinery capacity in
the United States. Such study shall address—</text>
<paragraph id="HB44048158A3648678BA37F870032BE0"><enum>(1)</enum><text>the impacts United
States refinery capacity has on gasoline prices;</text>
</paragraph><paragraph id="H7F4F71BB885746AABB9B2FF8209C5F12"><enum>(2)</enum><text>regulatory and
other barriers to the construction and operation of sufficient United States
refinery capacity, including possible collusion among oil companies; and</text>
</paragraph><paragraph id="H3501B4A44A674B89BD45311012377DE0"><enum>(3)</enum><text display-inline="yes-display-inline">how oil companies use funding received from
the Federal Government, and whether those Federal dollars expand our domestic
oil supply or just go to dividends and stock buybacks.</text>
</paragraph></section>