1.Short title; table of
contents
(a)This Act may be cited
as the Investing to Modernize the
Production of American Clean Energy and Technology Act of
2012
or as the IMPACT Act of 2012
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—Clean energy incentives
Subtitle A—Renewable energy
Sec. 101. Extension of renewable energy credits.
Sec. 102. Extension of election of investment tax credit in
lieu of production credit.
Sec. 103. Extension of grants for specified energy property in
lieu of tax credits.
Sec. 104. Extension of qualifying advanced energy project
credit.
Sec. 105. Extension of credit for energy-efficient new
homes.
Sec. 106. Extension of credit for energy-efficient
appliances.
Subtitle B—Electric, natural gas, and hydrogen
vehicles
Sec. 111. Increase and expansion of credit for qualified
plug-in electric drive motor vehicles.
Sec. 112. Extension of new qualified alternative fuel motor
vehicle credit for heavy natural gas vehicles.
Sec. 113. Modification of credit for alternative fuel vehicle
refueling property for vehicles powered by electricity, natural gas, or
hydrogen.
Sec. 114. Electric, natural gas, and hydrogen vehicle refueling
property tax credit bonds.
Title II—Repeal of fossil fuel subsidies for big oil
companies
Sec. 201. Prohibition on using last-in, first-out accounting
for major integrated oil companies.
Sec. 202. Modifications of foreign tax credit rules applicable
to major integrated oil companies which are dual capacity
taxpayers.
Sec. 203. Limitation on section 199 deduction attributable to
oil, natural gas, or primary products thereof.
Sec. 204. Limitation on deduction for intangible drilling and
development costs.
Sec. 205. Limitation on percentage depletion allowance for oil
and gas wells.
Sec. 206. Limitation on deduction for tertiary
injectants.
<enum>I</enum><header>Clean
energy incentives</header>
<subtitle id="H761FB747F8B2432586DECE207EB18D54"><enum>A</enum><header>Renewable
energy</header>
<section id="HD1B27FD4E9634F2195FEA53E320A0F60"><enum>101.</enum><header>Extension of
renewable energy credits</header>
<subsection id="H607BC0F1EABE4E59849FF56484CD7FFA"><enum>(a)</enum><header>Wind</header><text display-inline="yes-display-inline">Paragraph (1) of section 45(d) of the
Internal Revenue Code of 1986 is amended by striking <quote>January 1,
2013</quote> and inserting <quote>January 1, 2021</quote>.</text>
</subsection><subsection id="H11BAEE81DC0B423C9ADFADF53D19577C"><enum>(b)</enum><header>Biomass,
geothermal, small irrigation, landfill gas, hydropower, marine, and
hydrokinetic</header><text>Each of the following provisions of section 45(d) of
such Code is amended by striking <quote>January 1, 2014</quote> and inserting
<quote>January 1, 2022</quote>:</text>
<paragraph id="HEA54367F7442452C80CFBC5A81B2EAC1"><enum>(1)</enum><text>Clauses (i) and
(ii) of paragraph (2)(A).</text>
</paragraph><paragraph id="H485B7EB54B584755A32C43DD9B55D770"><enum>(2)</enum><text>Clauses (i)(I) and
(ii) of paragraph (3)(A).</text>
</paragraph><paragraph id="HC89E32B995DE412DB4AD7281C548B1FB"><enum>(3)</enum><text>Paragraph
(4).</text>
</paragraph><paragraph id="H006DE8ECD828408EAF599C21F210F5FB"><enum>(4)</enum><text>Paragraph
(6).</text>
</paragraph><paragraph id="H4360C601E1BD43EC8143495DFB4BB0B2"><enum>(5)</enum><text>Subparagraphs (A)
and (B) of paragraph (9).</text>
</paragraph><paragraph id="HE1C9221731314A8F943076347A78CB98"><enum>(6)</enum><text>Subparagraph (B)
of paragraph (11).</text>
</paragraph></subsection><subsection id="H5C520D1F6DD14E8484E84E616121A266"><enum>(c)</enum><header>Early
termination in event of Federal renewable electricity
requirement</header><text>Subsection (d) of section 45 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HD488D3CC7C25484F843B7512D3604CE9" style="OLC">
<paragraph id="HC4C4654FFAF44E6E8F37FB9621139790"><enum>(12)</enum><header>Termination in
event of Federal renewable electricity requirement</header><text display-inline="yes-display-inline">Notwithstanding
any other provision of this section, the term <quote>qualified facility</quote>
shall not include any property which is placed in service after the date which
is 1 year after the date on which the Secretary of Energy makes a public
declaration that a Federal law is in effect which requires retail electric
suppliers in the United States to supply minimum and significant amounts of
electric energy which is generated from renewable sources to customers for
purposes other than
resale.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H44B19FE295DC4E599B64887B81394409"><enum>102.</enum><header>Extension of
election of investment tax credit in lieu of production credit</header>
<subsection commented="no" display-inline="no-display-inline" id="H1C7AA87E57BF404CA3719C995A7A3CCC"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Clause (ii) of
section 48(a)(5)(C) of the Internal Revenue Code of 1986 is amended by striking
<quote>or 2013</quote> and inserting <quote>2013, 2014, 2015, 2016, 2017, 2018,
2019, 2020, or 2021</quote>.</text>
</subsection><subsection commented="no" id="HB552F8C5D644421BB92C42E0FF078A1F"><enum>(b)</enum><header>Wind
facilities</header><text>Clause (i) of section 48(a)(5)(C) of the Internal
Revenue Code of 1986 is amended by striking <quote>Any qualified
facility</quote> and all that follows and inserting “Any facility which
is—</text>
<quoted-block display-inline="no-display-inline" id="HA6EACDC3BBC34C6EA52E0C6422E205CC" style="OLC">
<subclause commented="no" id="H4B0F6280EE6F4452BB4C59C0A16693DE"><enum>(I)</enum><text display-inline="yes-display-inline">a qualified facility (within the meaning of
section 45) described in paragraph (1) of section 45(d) if such facility is
placed in service in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017,
2018, 2019, or 2020, or</text>
</subclause><subclause commented="no" id="HEC304D6AACFF4843910460B3B07FA24F"><enum>(II)</enum><text display-inline="yes-display-inline">a qualifying offshore wind facility, if
such facility is placed in service in 2009, 2010, 2011, 2012, 2013, 2014, 2015,
2016, 2017, 2018, 2019, 2020, or
2021.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HEC1EB9AD1EF544A0B2B75BAE639A9340"><enum>(c)</enum><header>Limitation</header><text>Paragraph
5 of section 48(a) of the Internal Revenue Code of 1986 is amended by adding at
the end the following new subparagraph:</text>
<quoted-block id="HC8E6225491AE4422B692C173338B0CE4" style="OLC">
<subparagraph id="H37C35577C2374EFA9852C9206BA181C6"><enum>(E)</enum><header>Limitation</header><text>The
total amount of megawatt capacity for offshore facilities under clause (II) of
subsection (a)(5)(C) with respect to which credits may be allocated under the
program shall not exceed 3,000
megawatts.</text>
</subparagraph><after-quoted-block>.<pagebreak></pagebreak></after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HBBFDA56091A54A1281F7BEF1BA1CCBE0"><enum>(d)</enum><header>Qualifying
offshore wind facility</header><text>Paragraph (5) of section 48(a) of the
Internal Revenue Code of 1986 is further amended by adding at the end the
following new subparagraph:</text>
<quoted-block act-name="" display-inline="no-display-inline" id="H0396F9F7BE784F85A720EA640FD58A63" style="OLC">
<subparagraph id="HA9104D781C874B159D07FA61849A1A7F"><enum>(F)</enum><header>Qualifying
offshore wind facility</header><text>For purposes of this paragraph—</text>
<clause id="H0F07161496BB44E7844A5D233FDBFFA7"><enum>(i)</enum><header>In
general</header><text>The term <term>qualifying offshore wind facility</term>
means an offshore facility using wind to produce electricity.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="HE64ECA4539054E7587E7AE6F49A8A2C0"><enum>(ii)</enum><header>Offshore
facility</header><text>The term <term>offshore facility</term> means any
facility located in the inland navigable waters of the United States, including
the Great Lakes, or in the coastal waters of the United States, including the
territorial seas of the United States, the exclusive economic zone of the
United States, and the Outer Continental Shelf of the United States. For
purposes of the preceding sentence, the term <term>United States</term> has the
meaning given in section
638(1).</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H04D06362E7DD47C38EFE49B77475D65A"><enum>(e)</enum><header>Availability of
grants in lieu of tax credits</header><text>Subparagraph (A) of section
1603(b)(2) of division B of the American Recovery and Reinvestment Act of 2009
is amended by inserting <quote>or section 48(a)(5) of the Internal Revenue Code
of 1986</quote> after <quote>subsection (d)</quote>.</text>
</subsection><subsection commented="no" id="H7539920A577A47E0B67AA8CF54B1C5E4"><enum>(f)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
facilities placed in service after December 31, 2011.</text>
</subsection></section><section id="H0F92EF873DBF4F16A11000BB82546A95"><enum>103.</enum><header>Extension of
grants for specified energy property in lieu of tax credits</header>
<subsection id="H292B56F6769040DCB70B4F445F9555E2"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (a) of
section 1603 of division B of the American Recovery and Reinvestment Act of
2009 is amended—</text>
<paragraph id="H58695334840E4C64B797ABF65FA675E7"><enum>(1)</enum><text>in paragraph (1),
by striking <quote>or 2011</quote> and inserting <quote>2011, 2012, or
2013</quote>, and</text>
</paragraph><paragraph id="H6BFEF911A6E54C248A535F84333BB51F"><enum>(2)</enum><text>in paragraph
(2)—</text>
<subparagraph id="H6245DF2F3995431A802843E3BB9C2B19"><enum>(A)</enum><text>by striking
<quote>after 2011</quote> and inserting <quote>after 2013</quote>, and</text>
</subparagraph><subparagraph id="H30AEA9C193A447B4A63CD455FFA36C50"><enum>(B)</enum><text>by striking
<quote>or 2011</quote> and inserting <quote>2011, 2012, or 2013</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HF3221A88FB39459182A1A8729EF7431C"><enum>(b)</enum><header>Conforming
amendment</header><text>Subsection (j) of section 1603 of division B of such
Act is amended by striking <quote>2012</quote> and inserting
<quote>2014</quote>.</text>
</subsection></section><section id="H01C4AD947ADD4ED7A1FF4A7F5C03589A"><enum>104.</enum><header>Extension of
qualifying advanced energy project credit</header><text display-inline="no-display-inline">Paragraph (1) of section 48C(d) of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HFB47A996170E4B2B9BD055DC7F1CD830" style="OLC">
<subparagraph id="HB650030C33774C96A524FDB6B1F1A95D"><enum>(C)</enum><header>Additional
limitation amount</header>
<clause id="HEDB0FAA733DB41A58B19F1E9962847A6"><enum>(i)</enum><header>In
general</header><text display-inline="yes-display-inline">The dollar amount
under subparagraph (B) is hereby increased by $5,000,000,000.</text>
</clause><clause id="H37FF448D5E7746BD9D17FF4E155168A2"><enum>(ii)</enum><header>Applications</header><text>Notwithstanding
the deadline for submitting applications specified in paragraph (2)(A), an
applicant for certification with respect to credits allocated pursuant to
clause (i) may submit an application to the Secretary at such time and in such
manner as the Secretary may provide.</text>
</clause><clause id="HEF7DB02E216F4D9697E093075FCC6923"><enum>(iii)</enum><header>Review,
redistribution, and reallocation</header><text>Notwithstanding the deadline for
review specified in paragraph (4)(A), the Secretary shall review the credits
allocated pursuant to clause (i) at such time as the Secretary determines
appropriate.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H72BF63BD07A44EABBAE00B7F05F7E881"><enum>105.</enum><header>Extension of
credit for energy-efficient new homes</header>
<subsection id="H15C8374A13894983B52DBC68540E259C"><enum>(a)</enum><header>In
general</header><text>Subsection (g) of section 45L of the Internal Revenue
Code of 1986 is amended by striking <quote>December 31, 2011</quote> and
inserting <quote>December 31, 2012</quote>.</text>
</subsection><subsection id="HDEC82228C06141C1BDBCD5AEFF542B78"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to homes
acquired after December 31, 2011.</text>
</subsection></section><section id="H224CFCB6A1EF4796A0E2D82C7763D99A"><enum>106.</enum><header>Extension of
credit for energy-efficient appliances</header>
<subsection id="H5C5139077E1F45CEB6E3221010C671E5"><enum>(a)</enum><header>In
general</header><text>Section 45M(b) of the Internal Revenue Code of 1986 is
amended by striking <quote>2011</quote> each place it appears other than in the
provisions specified in subsection (b), and inserting <quote>2011 or
2012</quote>.</text>
</subsection><subsection id="H3FE7600780074BAE822D595B7F0EB6E4"><enum>(b)</enum><header>Provisions
specified</header><text>The provisions of section 45M(b) of the Internal
Revenue Code of 1986 specified in this subsection are subparagraph (C) of
paragraph (1) and subparagraph (E) of paragraph (2).</text>
</subsection><subsection id="H5580AEBBEA6043248D1FE06EC6F657AB"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
appliances produced after December 31, 2011.</text>
</subsection></section></subtitle><subtitle id="HDD9D1C6AE0E64122AF621AAFA5C19015"><enum>B</enum><header>Electric, natural
gas, and hydrogen vehicles</header>
<section id="HF19E1DD678264066955FE7FEF98FA8F4"><enum>111.</enum><header>Increase and
expansion of credit for qualified plug-in electric drive motor
vehicles</header>
<subsection id="HA767CE65302B4C30834F60ECB94A2AB2"><enum>(a)</enum><header>Increase in
dollar limitation</header><text display-inline="yes-display-inline">Paragraph
(2) of section 30D(b) of the Internal Revenue Code of 1986 is amended by
striking <quote>$2,500</quote> and inserting <quote>$5,000</quote>.</text>
</subsection><subsection id="HD825FF2368A04A6F8EFCAA50EB11A6D5"><enum>(b)</enum><header>Increase in
limitation on number of vehicles eligible for credit</header><text>Paragraph
(2) of section 30D(e) of such Code is amended by striking
<quote>200,000</quote> and inserting <quote>400,000</quote>.</text>
</subsection><subsection id="H3C806F38090C448889CCF385A1AC2B5B"><enum>(c)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to vehicles
acquired after the date of the enactment of this Act.</text>
</subsection></section><section id="H10DDBACF92A648BB8E6A52603677F9E1"><enum>112.</enum><header>Extension of
new qualified alternative fuel motor vehicle credit for heavy natural gas
vehicles</header>
<subsection id="HA713F12C257341F497B394296B2381BE"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (4) of
section 30B(k) of the Internal Revenue Code of 1986 is amended by inserting
<quote>(December 31, 2016, in the case of a vehicle powered by compressed or
liquefied natural gas and weighing more than 8,500 pounds)</quote> before the
period at the end.</text>
</subsection><subsection id="HCCE5CE8F4F4243B38783F33CE4800832"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to vehicles
purchased after the date of the enactment of this Act.</text>
</subsection></section><section id="HE214EA01D0974FC6984A42EC1BF92851"><enum>113.</enum><header>Modification of
credit for alternative fuel vehicle refueling property for vehicles powered by
electricity, natural gas, or hydrogen</header>
<subsection id="H70199E0B0B5E4C44929FBC17451DB76A"><enum>(a)</enum><header>Special Rules
for Property Placed in Service Before January 1, 2017</header><text>Subsection
(e) of section 30C of the Internal Revenue Code of 1986 is amended by adding at
the end the following new paragraph:</text>
<quoted-block id="HFFF1A327E0F347DFAEEF5DDB826F9A8B" style="OLC">
<paragraph id="HC06394F04EBF44F2BE1515D1D5A35B18"><enum>(7)</enum><header>Property for
recharging vehicles powered by electricity, natural gas, or
hydrogen</header><text>In the case of property placed in service after December
31, 2011, and before January 1, 2017, which relates to electricity, natural
gas, or hydrogen—</text>
<subparagraph id="H571C8DD84F20473185D0685F5FBD862F"><enum>(A)</enum><text>subsection (a)
shall be applied by substituting <quote>50 percent</quote> for <quote>30
percent</quote>,</text>
</subparagraph><subparagraph id="H2879A3F2C7D9498AAE7EF771D453FA81"><enum>(B)</enum><text>subsection (b)(1)
shall be applied by substituting <quote>$50,000</quote> for
<quote>$30,000</quote>, and</text>
</subparagraph><subparagraph id="HDDD8ABC23FB5478F91D9DDF2AECACEE0"><enum>(C)</enum><text>subsection (b)(2)
shall be applied by substituting <quote>$2,000</quote> for
<quote>$1,000</quote>.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4B0479F2BE484008B47755088FEBF534"><enum>(b)</enum><header>Installation
Costs</header><text>Subsection (e) of section 30C of such Code, as amended by
subsection (a), is amended by adding at the end the following:</text>
<quoted-block id="HF6CD63F9CD024BD6B9AA8820CBFB05A6" style="OLC">
<paragraph id="HF60A3F377A2F497ABA49A08F4FDD1E37"><enum>(8)</enum><header>Installation
costs</header><text>The cost of any qualified alternative fuel vehicle
refueling property which relates to electricity, natural gas, or hydrogen shall
include the cost of the original installation of such
property.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H052A02612D204FBA857815997758497C"><enum>(c)</enum><header>Termination of
Credit</header><text>Paragraph (1) of section 30C(g) of such Code is amended to
read as follows:</text>
<quoted-block id="H2531C3C877B0415784E8F500F6A31199" style="OLC">
<paragraph id="HA5F719B5729A40C9A00AE330E5774295"><enum>(1)</enum><text>in the case of
property relating to electricity, natural gas, or hydrogen, after December 31,
2017,
and</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H49C9DCF9F636428ABC28F94B4867CFFC"><enum>(d)</enum><header>Effective
Date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><section id="HFB6B7C41B8A146D5B508290B7760393B"><enum>114.</enum><header>Electric,
natural gas, and hydrogen vehicle refueling property tax credit bonds</header>
<subsection id="H8A7287184FDC417A95D8415397F02793"><enum>(a)</enum><header>In
General</header><text>Paragraph (1) of section 54A(d) of the Internal Revenue
Code of 1986 is amended by striking <quote>or</quote> at the end of
subparagraph (D), by inserting <quote>or</quote> at the end of subparagraph
(E), and by inserting after subparagraph (E) the following new
subparagraph:</text>
<quoted-block id="H8CECA504EADE424AA26A347F0FCAA45D" style="OLC">
<subparagraph id="H42F22011205E479BB4E3F819F352C094"><enum>(F)</enum><text>a qualified
electric, natural gas, and hydrogen vehicle refueling property
bond,</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HFC19794053794B21A59FF626D4509A5B"><enum>(b)</enum><header>Qualified
Purpose</header><text>Subparagraph (C) of section 54A(d)(2) of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph id="H2DE05BC007C8428580B3C4B9D999A3E2"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of clause (iv),</text>
</paragraph><paragraph id="HB2031621B14743AEA91D7C2DF77CCED7"><enum>(2)</enum><text>by striking the
period at the end of clause (v) and inserting <quote>, and</quote>, and</text>
</paragraph><paragraph id="H0606AC1E2E424DCC9B56F24907B33513"><enum>(3)</enum><text>by adding at the
end the following new clause:</text>
<quoted-block id="H6D63E1535E394F478DD3B915333F2C1E" style="OLC">
<clause id="H94E7587E21074DBAB02D9F0A405411BA"><enum>(vi)</enum><text>in the case of a
qualified electric, natural gas, and hydrogen vehicle refueling property bond,
a purpose specified in section
54G(a)(1).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H45D86AAC19614BC6B2339E2BD605F5B3"><enum>(c)</enum><header>Bonds
Allowed</header><text>Subpart I of part IV of subchapter A of chapter 1 of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
section:</text>
<quoted-block id="H6E59FC75F2054E40A1FFCAEB65E96688" style="OLC">
<section id="H4DBCCBCF9E0B42BFBC4B30E5B8A1A563"><enum>54G.</enum><header>Qualified
electric, natural gas, and hydrogen vehicle refueling property bonds</header>
<subsection id="H1F947DD500154B6B8D839F541F38E06A"><enum>(a)</enum><header>Qualified
Electric, Natural Gas, and Hydrogen Vehicle Refueling Property
Bond</header><text>For purposes of this subpart, the term <term>qualified
electric, natural gas, and hydrogen vehicle refueling property bond</term>
means any bond issued as part of an issue if—</text>
<paragraph id="H7A1FF9880DDB42F49A6791C911747808"><enum>(1)</enum><text>100 percent of the
available project proceeds of such issue are to be used for capital
expenditures incurred by a qualified issuer for 1 or more qualified electric,
natural gas, and hydrogen vehicle refueling properties,</text>
</paragraph><paragraph id="HACD7C379B7BB480FB1C166BC005BED36"><enum>(2)</enum><text>the bond is issued
by a qualified issuer, and</text>
</paragraph><paragraph id="H698B356E36144724B796DE9E1B6E92A5"><enum>(3)</enum><text>the issuer
designates such bond for purposes of this section.</text>
</paragraph></subsection><subsection id="HD7E42296AD994BE2B3DD8B9931E3D833"><enum>(b)</enum><header>Reduced Credit
Amount</header><text>Notwithstanding paragraph (2) of section 54A(b), the
annual credit determined with respect to any qualified electric, natural gas,
and hydrogen vehicle refueling property bond is 70 percent of the amount which
would (but for this subsection) otherwise be determined under such paragraph
with respect to such bond.</text>
</subsection><subsection id="HE22E64B5B07D48DB8E36B47DE9A094F8"><enum>(c)</enum><header>Limitation on
Amount of Bonds Designated</header><text>The maximum aggregate face amount of
bonds which may be designated under subsection (a) by any issuer shall not
exceed the limitation amount allocated to such issuer under subsection
(e).</text>
</subsection><subsection id="HA8B3E3BC080643BC97263B697F02FEC6"><enum>(d)</enum><header>National
Limitation on Amount of Bonds Designated</header><text>There is a national
qualified electric, natural gas, and hydrogen vehicle refueling property bond
limitation of $750,000,000.</text>
</subsection><subsection id="H18C06612BBB94411BA7B3A33EBE8EC75"><enum>(e)</enum><header>Allocations</header><text>The
Secretary shall make allocations of the amount of the national qualified
electric, natural gas, and hydrogen vehicle refueling property bond limitation
described in subsection (d) among purposes described in subsection (a)(1) in
such manner as the Secretary determines appropriate.</text>
</subsection><subsection id="H4907C9741B5945E9840617E8EADA835F"><enum>(f)</enum><header>Definitions</header><text>For
purposes of this section—</text>
<paragraph id="H11EDB4508CD14397B84B237B2E6C0D65"><enum>(1)</enum><header>Qualified
electric, natural gas, and hydrogen vehicle refueling
property</header><text>The term <term>qualified electric, natural gas, and
hydrogen vehicle refueling property</term> means any qualified alternative fuel
vehicle refueling property (within the meaning of section 30C) which relates to
electricity, natural gas, or hydrogen.</text>
</paragraph><paragraph id="HF2B561EB98794EA0971B360A9B2A15AF"><enum>(2)</enum><header>Qualified
issuer</header>
<subparagraph id="HC30B58AF29EB47FA8D02C9CDF0E4554C"><enum>(A)</enum><header>In
general</header><text>The term <term>qualified issuer</term> means a public
power provider, a cooperative electric company, or a governmental body.</text>
</subparagraph><subparagraph id="H1E3188C10F6F45DA85B20010F3E5BB59"><enum>(B)</enum><header>Governmental
body</header><text>The term <term>governmental body</term> means any State or
Indian tribal government, or any political subdivision thereof.</text>
</subparagraph><subparagraph id="H61B774E5B8B34A15B65687D44C299B35"><enum>(C)</enum><header>Public power
provider</header><text>The term <term>public power provider</term> means a
State utility that has a service obligation to end-users or to a distribution
utility (within the meaning of section 217 of the Federal Power Act, as in
effect on the date of the enactment of this section).</text>
</subparagraph><subparagraph id="H911B76B967BA48419B1131372DE034DB"><enum>(D)</enum><header>Cooperative
electric company</header><text>The term <term>cooperative electric
company</term> means a mutual or cooperative electric company described in
section 501(c)(12) or an organization described in section
1381(a)(2)(C).</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HA38E30DB929048DEADC8A4D481098FD6"><enum>(d)</enum><header>Clerical
Amendment</header><text>The table of sections for subpart I of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="H1405954A4E294DF28B2039300CE8ED2B" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">Sec. 54G. Qualified electric, natural gas,
and hydrogen vehicle refueling property
bonds.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H6E77C1C18CEA48D59E5D216089D6CE11"><enum>(e)</enum><header>Effective
Date</header><text>The amendments made by this section shall apply to
obligations issued after the date of the enactment of this Act.</text>
</subsection></section></subtitle><enum>II</enum><header>Repeal of fossil
fuel subsidies for big oil companies</header>
<section display-inline="no-display-inline" id="H165628263F6B4D6889B31362B36A920B" section-type="subsequent-section"><enum>201.</enum><header>Prohibition on using
last-in, first-out accounting for major integrated oil companies</header>
<subsection id="H395B77493D554683A2509C3CABE9CA79"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 472 of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
subsection:</text>
<quoted-block display-inline="no-display-inline" id="HC4BF37B6A7D748C5A5919507A6EFD727" style="OLC">
<subsection id="H0982FA6E891F430E8623E0F15FC8E720"><enum>(h)</enum><header>Major integrated
oil companies</header><text display-inline="yes-display-inline">Notwithstanding
any other provision of this section, a major integrated oil company (as defined
in section 167(h)(5)(B)) may not use the method provided in subsection (b) in
inventorying of any
goods.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H05D0F46B51E442508A00E891830CCFE9"><enum>(b)</enum><header>Effective date
and special rule</header>
<paragraph id="H7AD459A4A1D94D0682153450443B68EF"><enum>(1)</enum><header>In
general</header><text>The amendment made by subsection (a) shall apply to
taxable years beginning after the date of the enactment of this Act.</text>
</paragraph><paragraph id="H46D6A1300E2D40C6A569C3300579A141"><enum>(2)</enum><header>Change in method
of accounting</header><text display-inline="yes-display-inline">In the case of
any taxpayer required by the amendment made by this section to change its
method of accounting for its first taxable year beginning after the date of the
enactment of this Act—</text>
<subparagraph id="H7DB8D9EC9911408AB2F638BC85AFF129"><enum>(A)</enum><text>such change shall
be treated as initiated by the taxpayer,</text>
</subparagraph><subparagraph id="H65BD00C25F8C48F8AA04459C0A15B091"><enum>(B)</enum><text>such change shall
be treated as made with the consent of the Secretary of the Treasury,
and</text>
</subparagraph><subparagraph id="H3DB734859A484DB8A4CB85ABAE753C38"><enum>(C)</enum><text>the net amount of
the adjustments required to be taken into account by the taxpayer under section
481 of the Internal Revenue Code of 1986 shall be taken into account ratably
over a period (not greater than 8 taxable years) beginning with such first
taxable year.</text>
</subparagraph></paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="H28B66E3F20EE4DD0818A865ABBB6FE26"><enum>202.</enum><header>Modifications
of foreign tax credit rules applicable to major integrated oil companies which
are dual capacity taxpayers</header>
<subsection commented="no" display-inline="no-display-inline" id="H0E094D73756A49D994F3CDD8C74A21CB"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 901 of the
Internal Revenue Code of 1986 is amended by redesignating subsection (n) as
subsection (o) and by inserting after subsection (m) the following new
subsection:</text>
<quoted-block display-inline="no-display-inline" id="HEAE17C2CE0784AFFA9D18843383C3081" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H7F5F87D283B24A09BED392FAF72D495A"><enum>(n)</enum><header>Special rules
relating to major integrated oil companies which are dual capacity
taxpayers</header>
<paragraph commented="no" display-inline="no-display-inline" id="H30F823FD450E492AA50EA4F777B57F36"><enum>(1)</enum><header>General
rule</header><text display-inline="yes-display-inline">Notwithstanding any
other provision of this chapter, any amount paid or accrued by a dual capacity
taxpayer which is a major integrated oil company (as defined in section
167(h)(5)(B)) to a foreign country or possession of the United States for any
period shall not be considered a tax—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HBDDBF02DB0AF4EC0BA5DDCE0786C7223"><enum>(A)</enum><text display-inline="yes-display-inline">if, for such period, the foreign country or
possession does not impose a generally applicable income tax, or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H0397F8A61461440C85793E030620692E"><enum>(B)</enum><text display-inline="yes-display-inline">to the extent such amount exceeds the
amount (determined in accordance with regulations) which—</text>
<clause commented="no" display-inline="no-display-inline" id="HBA74BAAFA98B4318ADCA5B0E7BF48D21"><enum>(i)</enum><text display-inline="yes-display-inline">is paid by such dual capacity taxpayer
pursuant to the generally applicable income tax imposed by the country or
possession, or</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H4D9F70E5F13541A189B6CB2BA572E7E8"><enum>(ii)</enum><text display-inline="yes-display-inline">would be paid if the generally applicable
income tax imposed by the country or possession were applicable to such dual
capacity taxpayer.</text>
</clause></subparagraph><continuation-text commented="no" continuation-text-level="paragraph">Nothing in this paragraph shall be
construed to imply the proper treatment of any such amount not in excess of the
amount determined under subparagraph (B).</continuation-text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HCC21987C9CD94B569594EDF5FA256DE3"><enum>(2)</enum><header>Dual capacity
taxpayer</header><text display-inline="yes-display-inline">For purposes of this
subsection, the term <term>dual capacity taxpayer</term> means, with respect to
any foreign country or possession of the United States, a person who—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HFB57E37EB15743F3A04768093DF31A71"><enum>(A)</enum><text display-inline="yes-display-inline">is subject to a levy of such country or
possession, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H5347E525687A48868BF08A501CA22A27"><enum>(B)</enum><text display-inline="yes-display-inline">receives (or will receive) directly or
indirectly a specific economic benefit (as determined in accordance with
regulations) from such country or possession.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H67345E80E33E41AABF7F393B6290644A"><enum>(3)</enum><header>Generally
applicable income tax</header><text display-inline="yes-display-inline">For
purposes of this subsection—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H1E9BDE13D4BA4080A79408626A33D0D0"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">The term
<term>generally applicable income tax</term> means an income tax (or a series
of income taxes) which is generally imposed under the laws of a foreign country
or possession on income derived from the conduct of a trade or business within
such country or possession.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HC6D303DA4EBB4AD182873FDEFD927B77"><enum>(B)</enum><header>Exceptions</header><text display-inline="yes-display-inline">Such term shall not include a tax unless it
has substantial application, by its terms and in practice, to—</text>
<clause commented="no" display-inline="no-display-inline" id="H5FB570616C66453FAD47AAC53FDC4A66"><enum>(i)</enum><text display-inline="yes-display-inline">persons who are not dual capacity
taxpayers, and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="HA70614568C474789954911F67E03CFBE"><enum>(ii)</enum><text display-inline="yes-display-inline">persons who are citizens or residents of
the foreign country or
possession.</text>
</clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6122FD3409C04E008BFF057983C2DB9D"><enum>(b)</enum><header>Effective
Date</header>
<paragraph commented="no" display-inline="no-display-inline" id="H7425A912A3E7495A97A6F1843C6A0CBA"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The amendments made
by this section shall apply to taxes paid or accrued in taxable years beginning
after the date of the enactment of this Act.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H5A5E852659804751B515F1BCCF5DCBB8"><enum>(2)</enum><header>Contrary treaty
obligations upheld</header><text display-inline="yes-display-inline">The
amendments made by this section shall not apply to the extent contrary to any
treaty obligation of the United States.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="H7781D4600EE0457D8F0F3CE4D3E04B0F"><enum>203.</enum><header>Limitation on
section 199 deduction attributable to oil, natural gas, or primary products
thereof</header>
<subsection id="H78A73F9438A24DAF8B10E9FABBB0187D"><enum>(a)</enum><header>Denial of
deduction</header><text>Paragraph (4) of section 199(c) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H7DF23F24711A4A18ADA879DB5A85287E" style="OLC">
<subparagraph id="H966002D57FD04D67AF1A6CCA15D1C95B"><enum>(E)</enum><header>Special rule for
certain oil and gas income</header><text>In the case of any taxpayer who is a
major integrated oil company (as defined in section 167(h)(5)(B)) for the
taxable year, the term <term>domestic production gross receipts</term> shall
not include gross receipts from the production, transportation, or distribution
of oil, natural gas, or any primary product (within the meaning of subsection
(d)(9))
thereof.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H5E98E3376237469DB4184F26DE3F3241"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2011.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H3EF09E66EAF54F028EC60DE3D9E05799"><enum>204.</enum><header>Limitation on
deduction for intangible drilling and development costs</header>
<subsection commented="no" display-inline="no-display-inline" id="H0664A43C8E624D1791A867F76422CBCA"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 263(c) of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
sentence: <quote>This subsection shall not apply to amounts paid or incurred by
a taxpayer in any taxable year in which such taxpayer is a major integrated oil
company (as defined in section 167(h)(5)(B)).</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H54A41C5FB4C14152BFAD98D0D9ED4A3A"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall apply to amounts paid or incurred in taxable years beginning
after December 31, 2011.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H3059657A4CDC475BA823F2418564FE90" section-type="subsequent-section"><enum>205.</enum><header display-inline="yes-display-inline">Limitation on percentage depletion
allowance for oil and gas wells</header>
<subsection commented="no" display-inline="no-display-inline" id="H391043B6D7DA4783868C0D4D95A850F8"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Section 613A of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HBC53C2AD085D4FE6B232FA9DC908F4A4" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="HF7DB41FA0489441E96AFCE2A53A832FC"><enum>(f)</enum><header display-inline="yes-display-inline">Application with respect to major
integrated oil companies</header><text display-inline="yes-display-inline">In
the case of any taxable year in which the taxpayer is a major integrated oil
company (as defined in section 167(h)(5)(B)), the allowance for percentage
depletion shall be
zero.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H1C6617A7992E4B80B84C8DC20FEC90CE"><enum>(b)</enum><header display-inline="yes-display-inline">Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall apply to taxable years beginning after December 31,
2011.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H8557C5B5C9BD45C0A9374C9548A28639"><enum>206.</enum><header>Limitation on
deduction for tertiary injectants</header>
<subsection commented="no" display-inline="no-display-inline" id="HCD41806EA32F451E87CDA7DA7330BBED"><enum>(a)</enum><header>In
general</header><text>Section 193 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HFD211E19307140F6BA9B24D0974A9FF9" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="HD2EFB20D3F0D41FDAB80ABEE6A31B536"><enum>(d)</enum><header>Application with
respect to major integrated oil companies</header><text display-inline="yes-display-inline">This section shall not apply to amounts
paid or incurred by a taxpayer in any taxable year in which such taxpayer is a
major integrated oil company (as defined in section
167(h)(5)(B)).</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HBF87889B248B4536BBEADCD8016CB7EA"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall apply to amounts paid or incurred in taxable years beginning
after December 31, 2011.</text>
</subsection></section>