I 111th CONGRESS 2d Session H. R. 5435 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.

1.

Short title

This Act may be cited as the Big Oil Accountability Act of 2010.

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.

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.

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.

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.

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.

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.