1.This Act may be cited as the
Repeal Big Oil Tax Subsidies
Act
.
<enum>I</enum><header>Tax
extensions relating to energy</header>
<section commented="no" display-inline="no-display-inline" id="idA5F5E16D61A848B88F1E6E1D6D13C329"><enum>101.</enum><header>Extension of
credit for energy-efficient existing homes</header>
<subsection commented="no" display-inline="no-display-inline" id="idE95EA88F06FC44C1B24238FEB9888237"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 25C(g) 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 commented="no" display-inline="no-display-inline" id="id8D47FAD3D5DA405E82D12469C23C3077"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idAD81FB0C9FB84A81924EE5ABB221F8FF"><enum>102.</enum><header>Extension of
credit for certain plug-in electric vehicles</header>
<subsection commented="no" display-inline="no-display-inline" id="idFA0703F2554541A0AF46CA87364739D6"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (f) of
section 30 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 commented="no" display-inline="no-display-inline" id="idCE7FADA1BBF7430CA978DAF5BB970242"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to vehicles
acquired after December 31, 2011.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id38659010C5A642EB8A787F0B7AEA09A9"><enum>103.</enum><header>Extension of
credit for alternative fuel vehicle refueling property</header>
<subsection commented="no" display-inline="no-display-inline" id="id1C310CC9DB644F2E990BA32801232C83"><enum>(a)</enum><header>Extension</header><text>Paragraph
(2) of section 30C(g) 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 commented="no" display-inline="no-display-inline" id="id3086CDF5C6294CD1B14965037148D6A5"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><section commented="no" id="idF6AF0DD6E9E24ABFA61B9246F09FB7EE"><enum>104.</enum><header>Extension of
cellulosic biofuel producer credit</header>
<subsection commented="no" id="id52E7FD1BE0724CAA88C3A744EF78A112"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (H) of
section 40(b)(6) of the Internal Revenue Code of 1986 is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="id250B63AA8240401D80EF16FE50C3AAE6" style="OLC">
<subparagraph id="id60D93230F5BF4C46A5CFC133A4CC911A"><enum>(H)</enum><header>Application of
paragraph</header>
<clause id="id4DF5A0E94C204E31BBC51260AACD3D8B"><enum>(i)</enum><header>In
general</header><text>This paragraph shall apply with respect to qualified
cellulosic biofuel production after December 31, 2008, and before January 1,
2014.</text>
</clause><clause id="id600501B297734AFFAF495172B358EEDB"><enum>(ii)</enum><header>No carryover
to certain years after expiration</header><text>If this paragraph ceases to
apply for any period by reason of clause (i), rules similar to the rules of
subsection (e)(2) shall
apply.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idB71FBE5718D04A5780C6E830412F9EED"><enum>(b)</enum><header>Conforming
amendment</header>
<paragraph commented="no" id="idE010FA6CCAD9413291DC0DEFDDF15781"><enum>(1)</enum><header>In
general</header><text>Paragraph (2) of section 40(e) of the Internal Revenue
Code of 1986 is amended by striking <quote>or subsection
(b)(6)(H)</quote>.</text>
</paragraph><paragraph id="idFB331F1EC5F040679E5CD5D5DD8A9FA4"><enum>(2)</enum><header>Effective
date</header><text>The amendment made by this subsection shall take effect as
if included in section 15321(b) of the Heartland, Habitat, and Horticulture Act
of 2008.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="H31D8293AC50A4A41BD689EF30DB55BE8"><enum>105.</enum><header>Algae treated
as a qualified feedstock for purposes of the cellulosic biofuel producer
credit, etc</header>
<subsection id="HADD4FF9EB5D748FBB0333543830EC329"><enum>(a)</enum><header>In
general</header><text>Subclause (I) of section 40(b)(6)(E)(i) of the Internal
Revenue Code of 1986 is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H379CDC5C472747D1826283F92BA1E9C6" style="OLC">
<subclause id="HBE1CCFE544B34C60B3A7F3C2786E73FD"><enum>(I)</enum><text display-inline="yes-display-inline">is derived by, or from, qualified
feedstocks,
and</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HED641AA8F46945D3882F579C86BCE1C8"><enum>(b)</enum><header>Qualified
feedstock; special rules for algae</header><text>Paragraph (6) of section 40(b)
of the Internal Revenue Code of 1986 is amended by redesignating subparagraphs
(F), (G), and (H), as amended by this Act, as subparagraphs (H), (I), and (J),
respectively, and by inserting after subparagraph (E) the following new
subparagraphs:</text>
<quoted-block display-inline="no-display-inline" id="HBCC4000BC0A24E35B1B2FF9DE401FC29" style="OLC">
<subparagraph id="HF45C34F1B37E438CB1ED85B6B98383A3"><enum>(F)</enum><header>Qualified
feedstock</header><text display-inline="yes-display-inline">For purposes of
this paragraph, the term <term>qualified feedstock</term> means—</text>
<clause id="H033B3F7B4FFA48C09B09529119B67136"><enum>(i)</enum><text>any
lignocellulosic or hemicellulosic matter that is available on a renewable or
recurring basis, and</text>
</clause><clause id="HAF5C6549B50242D8B4A17B30DED48632"><enum>(ii)</enum><text>any cultivated
algae, cyanobacteria, or lemna.</text>
</clause></subparagraph><subparagraph id="HDE9BB6784FE14DF39232E55778A07984"><enum>(G)</enum><header>Special rules
for algae</header><text>In the case of fuel which is derived by, or from,
feedstock described in subparagraph (F)(ii) and which is sold by the taxpayer
to another person for refining by such other person into a fuel which meets the
requirements of subparagraph (E)(i)(II) and the refined fuel is not excluded
under subparagraph (E)(iii)—</text>
<clause id="H22D60701AEBB4C24A05955B3D8539AB6"><enum>(i)</enum><text>such sale shall be
treated as described in subparagraph (C)(i),</text>
</clause><clause id="H2906446281D840599C7861DD165EC620"><enum>(ii)</enum><text>such fuel shall
be treated as meeting the requirements of subparagraph (E)(i)(II) and as not
being excluded under subparagraph (E)(iii) in the hands of such taxpayer,
and</text>
</clause><clause id="HE11478B7608B4765A1A2FBBCBAF38CA4"><enum>(iii)</enum><text>except as
provided in this subparagraph, such fuel (and any fuel derived from such fuel)
shall not be taken into account under subparagraph (C) with respect to the
taxpayer or any other
person.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H129BBC6100A04FC6B62D6049BE5B0E1B"><enum>(c)</enum><header>Algae treated as
a qualified feedstock for purposes of bonus depreciation for biofuel plant
property</header>
<paragraph commented="no" id="HEA1D7E4DFFBF43E69FAA031D75FFCA12"><enum>(1)</enum><header>In
general</header><text>Subparagraph (A) of section 168(l)(2) of the Internal
Revenue Code of 1986 is amended by striking <quote>solely to produce cellulosic
biofuel</quote> and inserting <quote>solely to produce second generation
biofuel (as defined in section 40(b)(6)(E))</quote>.</text>
</paragraph><paragraph id="HC6831654384341689BE45E77310316E7"><enum>(2)</enum><header>Conforming
amendments</header><text>Subsection (l) of section 168 of such Code is
amended—</text>
<subparagraph id="HB21555166FD045F48E5735E0989AF26D"><enum>(A)</enum><text>by striking
<quote>cellulosic biofuel</quote> each place it appears in the text thereof and
inserting <quote>second generation biofuel</quote>,</text>
</subparagraph><subparagraph id="H837658E14A854120846C97C582B2DD8E"><enum>(B)</enum><text>by striking
paragraph (3) and redesignating paragraphs (4) through (8) as paragraphs (3)
through (7), respectively,</text>
</subparagraph><subparagraph id="HA41C5894A5804788882EEF50A183AF9A"><enum>(C)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="subsection" style="OLC">Cellulosic</header-in-text></quote> in the
heading of such subsection and inserting <quote><header-in-text level="subsection" style="OLC">Second Generation</header-in-text></quote>,
and</text>
</subparagraph><subparagraph id="HB68F1849EE5D4540AA50A2A7BE6C7165"><enum>(D)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="paragraph" style="OLC">cellulosic</header-in-text></quote> in the
heading of paragraph (2) and inserting <quote><header-in-text level="paragraph" style="OLC">second generation</header-in-text></quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HACFF656926C4474F9A075061C05CF166"><enum>(d)</enum><header>Conforming
amendments</header>
<paragraph id="HE3D7163B3CD84D28AA9F8CDB8BB49222"><enum>(1)</enum><text>Section 40 of the
Internal Revenue Code of 1986, as amended by subsection (b), is amended—</text>
<subparagraph id="H4357B33300B44263854F9582ACD93EA9"><enum>(A)</enum><text>by striking
<quote>cellulosic biofuel</quote> each place it appears in the text thereof and
inserting <quote>second generation biofuel</quote>,</text>
</subparagraph><subparagraph id="HD93E9D391913453BAF0BA132CEB88DC2"><enum>(B)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">Cellulosic</header-in-text></quote> in the headings of subsections
(b)(6), (b)(6)(E), and (d)(3)(D) and inserting <quote><header-in-text level="paragraph" style="OLC">Second generation</header-in-text></quote>,
and</text>
</subparagraph><subparagraph id="HF4F5ECA96FA943C6A8D28143218FB13D"><enum>(C)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="paragraph" style="OLC">cellulosic</header-in-text></quote> in the
headings of subsections (b)(6)(C), (b)(6)(D), (b)(6)(H), (d)(6), and (e)(3) and
inserting <quote><header-in-text level="paragraph" style="OLC">second
generation</header-in-text></quote>.</text>
</subparagraph></paragraph><paragraph id="H85FE80F116AD48749C6CAB5537C43DDD"><enum>(2)</enum><text>Clause (ii) of
section 40(b)(6)(E) of such Code is amended by striking <quote>Such term shall
not</quote> and inserting <quote>The term <quote>second generation
biofuel</quote> shall not</quote>.</text>
</paragraph><paragraph id="H5C5E52FCB43947D1876986430545B414"><enum>(3)</enum><text>Paragraph (1) of
section 4101(a) of such Code is amended by striking <quote>cellulosic
biofuel</quote> and inserting <quote>second generation biofuel</quote>.</text>
</paragraph></subsection><subsection id="H307EF2D00A9C401690766956C30F0137"><enum>(e)</enum><header>Effective
dates</header>
<paragraph id="H3EBD48074899494592373B84081B9BFB"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall apply to fuels sold or used after the date of the
enactment of this Act.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H950F75FDB9FF492A85AD5DB56E930A58"><enum>(2)</enum><header>Application to
bonus depreciation</header><text>The amendments made by subsection (c) shall
apply to property placed in service after the date of the enactment of this
Act.</text>
</paragraph></subsection></section><section id="HE775309810F4465BB3D304071835624B"><enum>106.</enum><header>Extension of
incentives for biodiesel and renewable diesel</header>
<subsection id="HB14D00EB1DC64B7D8B3175EC5CEBF3B3"><enum>(a)</enum><header>Credits for
biodiesel and renewable diesel used as fuel</header><text>Subsection (g) of
section 40A 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="H445E6D8264B541DFAB5A3B44FAF20F42"><enum>(b)</enum><header>Excise tax
credits and outlay payments for biodiesel and renewable diesel fuel
mixtures</header>
<paragraph id="H47E51F9D66854D1791334E573C4270C1"><enum>(1)</enum><text>Paragraph (6) of
section 6426(c) of the Internal Revenue Code of 1986 is amended by striking
<quote>December 31, 2011</quote> and inserting <quote>December 31,
2012</quote>.</text>
</paragraph><paragraph id="H1DBD98C050E24599AAAD0661051DDC32"><enum>(2)</enum><text>Subparagraph (B)
of section 6427(e)(6) of such Code is amended by striking <quote>December 31,
2011</quote> and inserting <quote>December 31, 2012</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H710C3D6399134A9C97571AF7D0D45A79"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after December 31, 2011.</text>
</subsection></section><section id="id845BC8CB2AAB408ABCF501EC7388650C"><enum>107.</enum><header>Extension of
production credit for refined coal</header>
<subsection id="ID6b55f41141a7464cb90889b305bdce96"><enum>(a)</enum><header>In
general</header><text>Subparagraph (B) of section 45(d)(8) of the Internal
Revenue Code of 1986 is amended by striking <quote>January 1, 2012</quote> and
inserting <quote>January 1, 2013</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idF209C1A2CE9241C7B4E81264AABD0B62"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to facilities
placed in service after December 31, 2011.</text>
</subsection></section><section commented="no" id="id978CBAB210874F178CE35416FDC69F69"><enum>108.</enum><header>Extension of
production credit</header>
<subsection commented="no" id="id553635C0FC2244C0B909C9F82398BBB4"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 45(d) of the
Internal Revenue Code of 1986 is amended by striking <quote>January 1,
2014</quote> each place it appears in paragraphs (2), (3), (4), (6), (7), (9),
and (11) and inserting <quote>January 1, 2015</quote>.</text>
</subsection><subsection commented="no" id="id338EACD31D034809A0A1FCDE119EC1F9"><enum>(b)</enum><header>Wind
facilities</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,
2014</quote>.</text>
</subsection><subsection commented="no" id="id8986EF43FD9A422A8570F68E04F07817"><enum>(c)</enum><header>Increased
credit amount for Indian coal facilities placed in service before
2009</header><text>Subparagraph (A) of section 45(e)(10) of the Internal
Revenue Code of 1986 is amended by striking <quote>7-year period</quote> each
place it appears and inserting <quote>8-year period</quote>.</text>
</subsection><subsection commented="no" id="id3039B7BA0C3947BF8127B455AFBA53BF"><enum>(d)</enum><header>Conforming
amendments</header><text>Subsection (e) of section 1603 of division B of the
American Recovery and Reinvestment Act of 2009 is amended—</text>
<paragraph commented="no" id="id2B95D9A7F5D2414DAC4B21159F77E9ED"><enum>(1)</enum><text>by striking
<quote>January 1, 2013</quote> in paragraph (1) and inserting <quote>January 1,
2014</quote>, and</text>
</paragraph><paragraph commented="no" id="id37AF9EAE26C74EE89A9316169A79EE1F"><enum>(2)</enum><text>by striking
<quote>January 1, 2014</quote> in paragraph (2) and inserting <quote>January 1,
2015</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id4792E6E7595741DEA65A4A9E40C4BF81"><enum>(e)</enum><header>Effective
dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="id91B11E8EFD62430596048D3E5E45F0EC"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall apply to facilities placed in service after December 31,
2012.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idD0A6B2C341EA4E16A0B62DBAA059C62B"><enum>(2)</enum><header>Indian
coal</header><text>The amendment made by subsection (c) shall take effect on
the date of the enactment of this Act.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id39BC0E387D2F4A51815885B32CAAD435"><enum>109.</enum><header>Extension of
credit for energy-efficient new homes</header>
<subsection commented="no" display-inline="no-display-inline" id="id0A78CDE0F8984110BC2EB0C2289E0CF9"><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 commented="no" display-inline="no-display-inline" id="id871C6E090FF241999BA36FCB82A9EE7C"><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 commented="no" display-inline="no-display-inline" id="idEDE1FA3E9E84428D845F09CF7FBAFFFA"><enum>110.</enum><header>Extension of
credit for energy-efficient appliances</header>
<subsection commented="no" display-inline="no-display-inline" id="idB907CDED07BD4DE69A62965E5C54909B"><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 commented="no" display-inline="no-display-inline" id="idCA0D60F813A344ED80742D73AF5CAEBE"><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 commented="no" display-inline="no-display-inline" id="id4DA3637455944E0B9CF14C034907410B"><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><section commented="no" display-inline="no-display-inline" id="idD77822453163404D8687D12868DAEB0E"><enum>111.</enum><header>Extension of
election of investment tax credit in lieu of production credit</header>
<subsection commented="no" display-inline="no-display-inline" id="id1A7AA6DDDA8C4B21812A6325A3F73817"><enum>(a)</enum><header>In
general</header><text>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, or 2014</quote>.</text>
</subsection><subsection commented="no" id="id754FA0DD736D4066B3469F087B7BA37B"><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="idAEB8FAEFCB8E450A9D596689B5B67948" style="OLC">
<subclause commented="no" id="idC2D92FBECDF542CFB4EF3443DE2303A1"><enum>(I)</enum><text>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,
or 2013, or</text>
</subclause><subclause commented="no" id="id4A4A365581934C039CF13C70CA436627"><enum>(II)</enum><text>a qualifying
offshore wind facility, if such facility is placed in service in 2012, 2013, or
2014.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id82F12B4AAA024ACDAEA96CDEAF992C80"><enum>(c)</enum><header>Qualifying
offshore wind facility</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 act-name="" display-inline="no-display-inline" id="idB572DE7C7FEF462B9AA8B925EDA2B7AB" style="OLC">
<subparagraph id="idE48D9573605B4FD88F109216223A262B"><enum>(E)</enum><header>Qualifying
offshore wind facility</header><text>For purposes of this paragraph—</text>
<clause id="id0A6F94F383584AD897A13194D7499BAD"><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="id7F09EB2755CD48A08F71CE8FF77AA3C3"><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 commented="no" id="id4513141FF4A0455EBF82E5639D445FF0"><enum>(d)</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 commented="no" id="id4392B03E70664455A493F5ABB483A767"><enum>112.</enum><header>Expansion of
qualifying advanced energy project credit</header>
<subsection commented="no" id="id989EE83826B3431D9E36E1BE37058525"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (B) of
section 48C(d)(1) of the Internal Revenue Code of 1986 is amended by striking
<quote>$2,300,000,000</quote> and inserting
<quote>$4,600,000,000</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idD163701428E541E6AEFA7AE08D28534A"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall take effect on the date of the enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idDC303BE0AD86475CB9D2E9D2875653A5"><enum>113.</enum><header>Extension of
special allowance for cellulosic biofuel plant property</header>
<subsection commented="no" display-inline="no-display-inline" id="idE0DEBEAE952F4FD2BA27B906E0B9018C"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (D) of
section 168(l)(2) of the Internal Revenue Code of 1986 is amended by striking
<quote>January 1, 2013</quote> and inserting <quote>January 1,
2014</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idC4E924A958974C42B511D4307ADCE45C"><enum>(b)</enum><header>Conforming
amendment</header><text>Paragraph (4) of section 168(l) of the Internal Revenue
Code of 1986, as redesignated by this Act, is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idE1B6BF75057C43B58D9BDCA4BF789D42"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of subparagraph (A),</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idFD641EF184474AA9B8E37D8AF163C562"><enum>(2)</enum><text>by redesignating
subparagraph (B) as subparagraph (C), and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id862D528E63104F7FA6CF9D679C794201"><enum>(3)</enum><text>by inserting
after subparagraph (A) the following new subparagraph:</text>
<quoted-block act-name="" id="id961E9A53332841ACBE6DEBE10F0E526F" style="OLC">
<subparagraph id="id636C0372EB29477BAF2BF7A5D4B3C337"><enum>(B)</enum><text>by substituting
<quote>January 1, 2014</quote> for <quote>January 1, 2013</quote> in clause (i)
thereof,
and</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="HF1E74E6267BE4908B17F9DAAA8229DE4"><enum>114.</enum><header>Extension of
suspension of limitation on percentage depletion for oil and gas from marginal
wells</header>
<subsection id="H7764BF6AB41946EFA475F7FA884D23D9"><enum>(a)</enum><header>In
general</header><text>Clause (ii) of section 613A(c)(6)(H) of the Internal
Revenue Code of 1986 is amended by striking <quote>January 1, 2012</quote> and
inserting <quote>January 1, 2013</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HD6394F7359AB44EE9215BB9EA5802A8D"><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="id225F1DA439CF4A04A6CF5276DD281A5B"><enum>115.</enum><header>Extension of
alternative fuels excise tax credits</header>
<subsection commented="no" display-inline="no-display-inline" id="idCA76BA4648B040E1A6BAC03CCB65B263"><enum>(a)</enum><header>In
general</header><text>Sections 6426(d)(5), 6426(e)(3), and 6427(e)(6)(C) of the
Internal Revenue Code of 1986 are each amended by striking <quote>December 31,
2011</quote> and inserting <quote>December 31, 2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idE64980C619244554B5B95971DE3130AE"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after December 31, 2011.</text>
</subsection></section><section id="id4BD8A162D5BB4912A006AE22E3580365"><enum>116.</enum><header>Extension of
grants for specified energy property in lieu of tax credits</header>
<subsection id="id6203407955C0468D9D10BF0AAE94A167"><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, as amended by section 707 of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010, is amended—</text>
<paragraph id="id1C81DEEE437C40AC95BAF67FD401D25B"><enum>(1)</enum><text>by striking
<quote>or 2011</quote> in paragraph (1) and inserting <quote>2011, or
2012</quote>, and</text>
</paragraph><paragraph id="idB86F730987D04748A0935742E8B503EC"><enum>(2)</enum><text>in paragraph
(2)—</text>
<subparagraph id="id1605DD159256451F96765E40090454F6"><enum>(A)</enum><text>by striking
<quote>after 2011</quote> and inserting <quote>after 2012</quote>, and</text>
</subparagraph><subparagraph id="idBA9A55CC036043C0ABB5277ECCEA10CC"><enum>(B)</enum><text>by striking
<quote>or 2011</quote> and inserting <quote>2011, or 2012</quote>.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idD3CAA151EF5949378460868CFE2E6990"><enum>(b)</enum><header>Conforming
amendment</header><text>Subsection (j) of section 1603 of division B of such
Act, as so amended, is amended by striking <quote>2012</quote> and inserting
<quote>2013</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id5D6AB7B7A57B40679D442087B589F800"><enum>(c)</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="HAC8131F41CD94738ACEADF770ADE4C6D"><enum>117.</enum><header>Extension of
mine rescue team training credit</header>
<subsection id="H3EFB7D10141D4BE4A4A55AD40312E127"><enum>(a)</enum><header>In
general</header><text>Subsection (e) of section 45N 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 commented="no" display-inline="no-display-inline" id="H4800015767AE47D2A5FFA1AD695321E2"><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="HAAE1C394D51B45048AD67F9B39788A9D"><enum>118.</enum><header>Extension of
election to expense mine safety equipment</header>
<subsection id="H2A8222C2D53E425583AA5C884A02F451"><enum>(a)</enum><header>In
general</header><text>Subsection (g) of section 179E 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 commented="no" display-inline="no-display-inline" id="H383F7CB36C10473692D955E199F33615"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><enum>II</enum><header>Repeal of oil
and gas subsidies</header>
<subtitle id="idE8DA88B5428D4FB1B6EE0DEF232D3831"><enum>A</enum><header>Close big oil tax
loopholes</header>
<section commented="no" display-inline="no-display-inline" id="id85C40D5C4E7C454E86A56B984305EA75"><enum>201.</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="id870C10B6A3A9401B8D2647B1A0E15EC0"><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="id59B4564047054D9F8EFB25B05BC5AF1E" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id832013D669AB496E9217A5D70E41E716"><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="idA86BDC3205EF48378545D9D088E03443"><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="idCE1206A91A254CEFA030EAF1D94F610A"><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="id1430720C4FEC4AF1BAEDD845D4A2DE7E"><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="id3616EAF2E4174061B78DB6C614CBB2C4"><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="idBBD48C80AE584E7AAE22BC2F3F750626"><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="id2BE54CFB0E9F46AEABB5E04C1E1553D1"><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="id114FA007ACB04E589C34FD9AE707FF40"><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="idB48A3E58EACB4262A062681509EBC2D3"><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="id4221398EC1FE4603A1915AC3F6F4FF31"><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="id9A25BF879E264980B24CFC517824B854"><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="id6008C386B2034848BC16753211264648"><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="id8EFBAC16675449C2ABDBF167616DBFA1"><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="idFE15C6C70615499EB6717AE075351274"><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="id2003AD9F498E450E87059BCEDDDD5689"><enum>(b)</enum><header>Effective
Date</header>
<paragraph commented="no" display-inline="no-display-inline" id="id2C2A93FA1BB14247A7D590BFFC676441"><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="idF5637FD489954B729A309CFCDB650390"><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="idD36DA8177A7144CFBF7A1B681A26FAC2"><enum>202.</enum><header>Limitation on
section 199 deduction attributable to oil, natural gas, or primary products
thereof</header>
<subsection id="id4EDE82BB1896423CAC005CECEA288DF2"><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="id2210F32B480A46E2AC61114E84235138" style="OLC">
<subparagraph id="id6407FC188C044D07833FBF6465572FA7"><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="idDBB26ED5A91244F4861028F78CCB4383"><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="id403D99C1C16848C48F5209F4984C4B56"><enum>203.</enum><header>Limitation on
deduction for intangible drilling and development costs</header>
<subsection commented="no" display-inline="no-display-inline" id="idE1C6CA4AEAFC44B1B4063EF0543F48BC"><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="idED920A4A6A5B4A26BC8B338B4E7B37D5"><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="idEBDA974B3B2449F6AD96FC529404DCFC" section-type="subsequent-section"><enum>204.</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="idD496B7DFC3B14DF282E5667BF776AB1D"><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="idD45339352F7447D0AA745594CCCAED20" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="idF845C6D7007B4C8E842C3BB31F28E006"><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="id3C74932924574C798E37E2F28D0C565C"><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="id2F1FB5D5F7E346B98CBBC0EA3C1E3FBC"><enum>205.</enum><header>Limitation on
deduction for tertiary injectants</header>
<subsection commented="no" display-inline="no-display-inline" id="idBF9377D05B604E8480EEB031445D9565"><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="id57DA761F659040E3A9495A0210B69564" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id1C24D288BC784E0594C10F14AA09860C"><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="idD1309F3F5A1E4A838C6DC30FC0B72391"><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></subtitle><subtitle id="id3B3829322ACA4278A97E94F6A2FA9186"><enum>B</enum><header>Outer Continental
Shelf oil and natural gas</header>
<section id="idC1DA2680506941FEB12BA0AB7D5BBF45"><enum>211.</enum><header>Repeal of
outer Continental Shelf deep water and deep gas royalty relief</header>
<subsection id="ID88967378382d4559bfe0b6d77e073454"><enum>(a)</enum><header>In
general</header><text>Sections 344 and 345 of the Energy Policy Act of 2005 (42
U.S.C. 15904, 15905) are repealed.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID9684bc5301944d2a8a169adf21e1b2b7"><enum>(b)</enum><header>Administration</header><text>The
Secretary of the Interior shall not be required to provide for royalty relief
in the lease sale terms beginning with the first lease sale held on or after
the date of enactment of this Act for which a final notice of sale has not been
published.</text>
</subsection></section></subtitle><enum>III</enum><header>Budgetary
effects</header>
<section id="id7D318FC6A06B4949ABFBBB1E5E022889"><enum>301.</enum><header>Deficit
reduction</header><text display-inline="no-display-inline">The net amount of
any savings realized as a result of the enactment of this Act and the
amendments made by this Act (after any expenditures authorized by this Act and
the amendments made by this Act) shall be deposited in the Treasury and used
for Federal budget deficit reduction or, if there is no Federal budget deficit,
for reducing the Federal debt in such manner as the Secretary of the Treasury
considers appropriate.</text>
</section><section commented="no" display-inline="no-display-inline" id="id0B662CFB964F41CCBA5D10E88C9D71AD" section-type="subsequent-section"><enum>302.</enum><header display-inline="yes-display-inline">Budgetary effects</header><text display-inline="no-display-inline">The budgetary effects of this Act, for the
purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be
determined by reference to the latest statement titled <quote>Budgetary Effects
of PAYGO Legislation</quote> for this Act, submitted for printing in the
Congressional Record by the Chairman of the Senate Budget Committee, provided
that such statement has been submitted prior to the vote on passage.</text>
</section>
March 20, 2012
Read the second time and placed on the
calendar