[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5435 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5435

To amend the Internal Revenue Code of 1986 to extend certain renewable 
fuel, and energy, tax incentives, and to deny the deduction for income 
    attributable to domestic production of oil, or primary products 
                                thereof.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 27, 2010

Mr. Braley of Iowa introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend certain renewable 
fuel, and energy, tax incentives, and to deny the deduction for income 
    attributable to domestic production of oil, or primary products 
                                thereof.

    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 ``Big Oil Accountability Act of 
2010''.

SEC. 2. EXTENSION OF BIODIESEL AND RENEWABLE DIESEL INCENTIVES.

    (a) Credits for Biodiesel and Renewable Diesel Used as Fuel.--
Subsection (g) of section 40A of the Internal Revenue Code of 1986 is 
amended by striking ``December 31, 2009'' and inserting ``December 31, 
2015''.
    (b) Excise Tax Credits and Outlay Payments for Biodiesel and 
Renewable Diesel Fuel Mixtures.--
            (1) Paragraph (6) of section 6426(c) of such Code is 
        amended by striking ``December 31, 2009'' and inserting 
        ``December 31, 2015''.
            (2) Subparagraph (B) of section 6427(e)(6) is amended by 
        striking ``December 31, 2009'' and inserting ``December 31, 
        2015''.
    (c) Effective Date.--The amendments made by this section shall 
apply to fuel sold or used after December 31, 2009.

SEC. 3. EXTENSION OF INCOME TAX CREDIT FOR ALCOHOL USED AS FUEL.

    (a) In General.--Paragraph (1) of section 40(e) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``December 31, 2010'' in subparagraph (A) 
        and inserting ``December 31, 2015'', and
            (2) by striking ``January 1, 2011'' in subparagraph (B) and 
        inserting ``January 1, 2016''.
    (b) Cellulosic Biofuel.--Subparagraph (H) of section 40(b)(6) of 
such Code is amended by striking ``January 1, 2013'' and inserting 
``January 1, 2016''.
    (c) Reduced Amount for Ethanol Blenders.--Paragraph (2) of section 
40(h) of such Code is amended by striking ``2010'' and inserting 
``2015''.
    (d) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 4. EXTENSION OF EXCISE TAX CREDIT FOR ALCOHOL USED AS FUEL.

    (a) In General.--Paragraph (6) of section 6426(b) of the Internal 
Revenue Code of 1986 is amended by striking ``December 31, 2010'' and 
inserting ``December 31, 2015''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 5. EXTENSION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN 
              RENEWABLE RESOURCES.

    Subsection (d) of section 45 of the Internal Revenue Code of 1986 
is amended--
            (1) by striking ``2013'' in paragraph (1) and inserting 
        ``2016'', and
            (2) by striking ``2014'' each place it appears in 
        paragraphs (2), (3), (4), (6), (7), (9), and (11) and inserting 
        ``2016''.

SEC. 6. EXTENSION OF ADDITIONAL DUTIES ON ETHANOL.

    Headings 9901.00.50 and 9901.00.52 of the Harmonized Tariff 
Schedule of the United States are each amended in the effective period 
column by striking ``1/1/2011'' and inserting ``1/1/2016''.

SEC. 7. DENIAL OF DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC 
              PRODUCTION OF OIL OR PRIMARY PRODUCTS THEREOF.

    (a) In General.--
            (1) Denial of deduction.--Subparagraph (B) of section 
        199(c)(4) of the Internal Revenue Code of 1986 is amended by 
        striking ``or'' at the end of clause (ii), by striking the 
        period at the end of clause (iii) and inserting ``, or'', and 
        by inserting after clause (iii) the following new clause:
                            ``(iv) the production, refining, 
                        processing, transportation, or distribution of 
                        oil (or any primary product thereof).''.
            (2) Primary product defined.--Section 199(c)(4)(B) of such 
        Code is amended by adding at the end the following flush 
        sentence:
``For purposes of clause (iv), the term `primary product' has the same 
meaning as when used in section 927(a)(2)(C), as in effect before its 
repeal.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2010.
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