[Congressional Record Volume 146, Number 32 (Tuesday, March 21, 2000)]
[House]
[Pages H1164-H1173]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                               H.R. 3822

                         Offered By: Mr. Bachus

       Amendment No. 4: Page 8, after line 2 insert the following:

     SEC. 7. DENIAL OF FINANCIAL ASSISTANCE FROM INTERNATIONAL 
                   FINANCIAL INSTITUTIONS.

       Title XV of the International Financial Institutions Act 
     (22 U.S.C. 262o-262o-2) is amended by adding at the end the 
     following:

     ``SEC. 1504. DENIAL OF FINANCIAL ASSISTANCE FOR MAJOR OIL 
                   EXPORTING COUNTRIES ENGAGED IN PRICE FIXING.

       ``The Secretary of the Treasury shall instruct the United 
     States Executive Director at each international financial 
     institution (as defined in section 1701(c)(2)) to use the 
     voice, vote, and influence of the United States at the 
     institution to urge the institution to adopt as a matter of 
     policy and practice not to provide financial assistance of 
     any kind to a country determined by the President pursuant to 
     section 5 of the Oil Price Reduction Act of 2000 to be 
     engaged in oil price fixing to the detriment of the United 
     States economy.''.

       Redsignate succeeding sections accordingly.

                               H.R. 3822

                        Offered By: Mr. Baldacci

       Amendment No. 5: At the end of the bill insert the 
     following new sections:

     SEC. 8. CREDIT FOR ENERGY EFFICIENCY IMPROVEMENTS TO EXISTING 
                   HOMES.

       (a) In General.--Subpart A of part IV of subchapter A of 
     chapter 1 of the Internal Revenue Code of 1986 (relating to 
     nonrefundable personal credits) is amended by inserting after 
     section 25A the following new section:

     ``SEC. 25B. ENERGY EFFICIENCY IMPROVEMENTS TO EXISTING HOMES.

       ``(a) Allowance of Credit.--In the case of an individual, 
     there shall be allowed as a credit against the tax imposed by 
     this chapter for the taxable year an amount equal to 20 
     percent of the amount paid or incurred by the taxpayer for 
     qualified energy efficiency improvements installed during 
     such taxable year.
       ``(b) Limitations.--
       ``(1) Maximum credit.--The credit allowed by this section 
     with respect to a dwelling shall not exceed $2,000.
       ``(2) Prior credit amounts for taxpayer on same dwelling 
     taken into account.--If a credit was allowed to the taxpayer 
     under subsection (a) with respect to a dwelling in 1 or more 
     prior taxable years, the amount of the credit otherwise 
     allowable for the taxable year with respect to that dwelling 
     shall not exceed the amount of $2,000 reduced by the sum of 
     the credits allowed under subsection (a) to the taxpayer with 
     respect to the dwelling for all prior taxable years.
       ``(c) Carryforward of Unused Credit.--If the credit 
     allowable under subsection (a) exceeds the limitation imposed 
     by section 26(a) for such taxable year reduced by the sum of 
     the credits allowable under subpart A of part IV of 
     subchapter A (other than this section), such excess shall be 
     carried to the succeeding taxable year and added to the 
     credit allowable under subsection (a) for such taxable year.
       ``(d) Qualified Energy Efficiency Improvements.--For 
     purposes of this section, the term `qualified energy 
     efficiency improvements' means any energy efficient building 
     envelope component, and any energy efficient heating, 
     cooling, or water heating appliance, the installation of 
     which, by itself or in combination with other such components 
     or appliances, is certified to improve the annual energy 
     performance of the existing home by at least 30 percent, if--
       ``(1) such component or appliance is installed in or on a 
     dwelling--
       ``(A) located in the United States, and
       ``(B) owned and used by the taxpayer as the taxpayer's 
     principal residence (within the meaning of section 121),
       ``(2) the original use of such component or appliance 
     commences with the taxpayer, and
       ``(3) such component or appliance reasonably can be 
     expected to remain in use for at least 5 years.

     Such certification shall be made by the contractor who 
     installed such improvements, a local building regulatory 
     authority, or a qualified energy consultant (such as a 
     utility or an accredited home energy rating system provider).
       ``(e) Special Rules.--
       ``(1) Tenant-stockholder in cooperative housing 
     corporation.--In the case of an individual who is a tenant-
     stockholder (as defined in section 216) in a cooperative 
     housing corporation (as defined in such section), such 
     individual shall be treated as having paid his tenant-
     stockholder's proportionate share (as defined in section 
     216(b)(3)) of the cost of qualified energy efficiency 
     improvements made by such corporation.
       ``(2) Condominiums.--
       ``(A) In general.--In the case of an individual who is a 
     member of a condominium management association with respect 
     to a condominium which he owns, such individual shall be 
     treated as having paid his proportionate share of the cost of 
     qualified energy efficiency improvements made by such 
     association.
       ``(B) Condominium management association.--For purposes of 
     this paragraph, the term `condominium management association' 
     means an organization which meets the requirements of 
     paragraph (1) of section 528(c) (other than subparagraph (E) 
     thereof) with respect to a condominium project substantially 
     all of the units of which are used as residences.
       ``(f) Basis Adjustment.--For purposes of this subtitle, if 
     a credit is allowed under this section for any expenditure 
     with respect to any property, the increase in the basis of 
     such property which would (but for this subsection) result 
     from such expenditure shall be reduced by the amount of the 
     credit so allowed.
       ``(g) Application of Section.--Subsection (a) shall apply 
     to qualified energy efficiency improvements installed during 
     the period beginning on January 1, 2000, and ending on 
     December 31, 2004.''.
       (b) Conforming Amendments.--
       (1) Subsection (c) of section 23 of such Code is amended by 
     striking ``and section 1400C'' and inserting ``and sections 
     25B and 1400C''.
       (2) Subparagraph (C) of section 25(e)(1) of such Code is 
     amended by striking ``and 1400C'' and inserting ``, 25B, and 
     1400C''.
       (3) Subsection (d) of section 1400C of such Code is amended 
     by inserting ``and section 25B'' after ``other than this 
     section''.
       (4) Subsection (a) of section 1016 of such Code is amended 
     by striking ``and'' at the end of paragraph (26), by striking 
     the period at the end of paragraph (27) and inserting ``; 
     and'', and by adding at the end the following new paragraph:
       ``(28) to the extent provided in section 25B(f), in the 
     case of amounts with respect to which a credit has been 
     allowed under section 25B.''.
       (5) The table of sections for subpart A of part IV of 
     subchapter A of chapter 1 of such Code is amended by 
     inserting after the item relating to section 25A the 
     following new item:

``Sec. 25B. Energy efficiency improvements to existing homes.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years ending after December 31, 1999.

     SEC. 9. CREDIT FOR ENERGY EFFICIENCY IMPROVEMENTS BY SMALL 
                   BUSINESSES.

       (a) In General.--Subpart D of part IV of subchapter A of 
     chapter 1 of the Internal Revenue Code of 1986 (relating to 
     business related credits) is amended by inserting after 
     section 45C the following new section:

[[Page H1165]]

     ``SEC. 45D. ENERGY EFFICIENCY IMPROVEMENTS BY SMALL 
                   BUSINESSES.

       ``(a) In General.--For purposes of section 38, in the case 
     of an eligible small business, the energy efficiency 
     improvement credit determined under this section for the 
     taxable year is an amount equal to 20 percent of the basis of 
     each qualified energy efficiency improvements placed in 
     service during such taxable year.
       ``(b) Limitations.--
       ``(1) Maximum credit.--The credit allowed by this section 
     for the taxable year shall not exceed $2,000.
       ``(2) Coordination with rehabilitation and energy 
     credits.--For purposes of this section--
       ``(A) the basis of any property referred to in subsection 
     (a) shall be reduced by that portion of the basis of any 
     property which is attributable to qualified rehabilitation 
     expenditures (as defined in section 47(c)(2)) or to the 
     energy percentage of energy property (as determined under 
     section 48(a)), and
       ``(B) expenditures taken into account under either section 
     47 or 48(a) shall not be taken into account under this 
     section.
       ``(c) Definitions.--For purposes of this section--
       ``(1) Eligible small business.--The term `eligible small 
     business' means any person engaged in a trade or business if 
     the average annual gross receipts of such person (or any 
     predecessor) for the 3-taxable-year period ending with such 
     prior taxable year does not exceed $10,000,000. Rules similar 
     to the rules of paragraphs (2) and (3) of section 448(c) 
     shall apply for purposes of the preceding sentence.
       ``(2) Qualified energy efficiency improvements.--The term 
     `qualified energy efficiency improvements' means any energy 
     efficient property the installation of which, by itself or in 
     combination with other such property, is certified to improve 
     the annual energy performance of the structure to which it 
     relates by at least 30 percent, if--
       ``(A) such property is installed in or on a structure 
     located in the United States,
       ``(B)(i) the construction, reconstruction, or erection of 
     such property is completed by the taxpayer, or
       ``(ii) such property which is acquired by the taxpayer if 
     the original use of such property commences with the 
     taxpayer,
       ``(C) depreciation (or amortization in lieu of 
     depreciation) is allowable with respect to such property, and
       ``(D) such property reasonably can be expected to remain in 
     use for at least 5 years.

     Such certification shall be made by the contractor who 
     installed such property, a local building regulatory 
     authority, or a qualified energy consultant (such as a 
     utility or an accredited energy rating system provider).
       ``(3) Energy efficient property.--The term `energy 
     efficient property' means--
       ``(A) any energy efficient building envelope component, and
       ``(b) any energy efficient heating, cooling, or water 
     heating appliance.
       ``(d) Application of Section.--Subsection (a) shall apply 
     to property placed in service during the period beginning on 
     January 1, 2000, and ending on December 31, 2004.''.
       (b) Credit Made Part of General Business Credit.--
     Subsection (b) of section 38 of such Code (relating to 
     current year business credit) is amended by striking ``plus'' 
     at the end of paragraph (11), by striking the period at the 
     end of paragraph (12) and inserting ``, plus'', and by adding 
     at the end thereof the following new paragraph:
       ``(13) in the case of an eligible small business (as 
     defined in section 45D(c)), the energy efficiency improvement 
     credit determined under section 45D.''.
       (c) Credit Allowed Against Regular and Minimum Tax.--
       (1) In general.--Subsection (c) of section 38 of such Code 
     (relating to limitation based on amount of tax) is amended by 
     redesignating paragraph (3) as paragraph (4) and by inserting 
     after paragraph (2) the following new paragraph:
       ``(3) Special rules for small business energy efficiency 
     improvement credit.--
       ``(A) In general.--In the case of the energy efficiency 
     improvement credit--
       ``(i) this section and section 39 shall be applied 
     separately with respect to the credit, and
       ``(ii) in applying paragraph (1) to the credit--

       ``(I) subparagraph (A) thereof shall not apply, and
       ``(II) the limitation under paragraph (1) (as modified by 
     subclause (I)) shall be reduced by the credit allowed under 
     subsection (a) for the taxable year (other than the energy 
     efficiency improvement credit).

       ``(B) energy efficiency improvement credit.--For purposes 
     of this subsection, the term `energy efficiency improvement 
     credit' means the credit allowable under subsection (a) by 
     reason of section 45D.''.
       (2) Conforming amendment.--Subclause (II) of section 
     38(c)(2)(A)(ii) of such Code is amended by inserting ``or the 
     energy efficiency improvement credit'' after ``employment 
     credit''.
       (d) Limitation on Carryback.--Subsection (d) of section 39 
     of such Code is amended by adding at the end the following 
     new paragraph:
       ``(9) No carryback of energy efficiency improvement credit 
     before effective date.--No portion of the unused business 
     credit for any taxable year which is attributable to the 
     credit determined under section 45D may be carried back to 
     any taxable year ending before the date of the enactment of 
     section 45D.''.
       (e) Deduction for Certain Unused Business Credits.--
     Subsection (c) of section 196 of such Code is amended by 
     striking ``and'' at the end of paragraph (7), by striking the 
     period at the end of paragraph (8) and inserting ``, and'', 
     and by adding after paragraph (8) the following new 
     paragraph:
       ``(9) the energy efficiency improvement credit determined 
     under section 45D.''.
       (f) Clerical Amendment.--The table of sections for subpart 
     D of part IV of subchapter A of chapter 1 of such Code is 
     amended by inserting after the item relating to section 45C 
     the following new item:

``Sec. 45D. Energy efficiency improvements by small businesses.''.
       (g) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act.

                               H.R. 3822

                        Offered By: Mr. Crowley

       Amendment No. 6: Page 8, after line 8, insert the following 
     new section:

     SEC. 7. SENSE OF CONGRESS.

       It is the sense of the Congress that the President should 
     use authority provided under section 161 of the Energy Policy 
     and Conservation Act (42 U.S.C. 6241) to release petroleum 
     from the Strategic Petroleum Reserve when oil and gas prices 
     in the United States have risen sharply because of 
     international oil price fixing activities, particularly 
     activities by the member nations of OPEC and their allies.
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

                        Offered By: Mr. Crowley

       Amendment No. 7: Page 8, after line 8, insert the following 
     new section:

     SEC. 7. SENSE OF CONGRESS.

       It is the sense of the Congress that--
       (1) international oil price fixing results in wide price 
     fluctuations, which are not beneficial to the United States 
     economy;
       (2) higher oil and gas prices mean United States consumers 
     pay more for their home heating bills and more for gasoline 
     to drive their cars;
       (3) these inflated prices affect all areas of the United 
     States economy, but have a particularly adverse impact on our 
     senior citizens; and
       (4) the President should use all powers necessary to reduce 
     United States domestic oil and gas prices when international 
     anticompetitive practices by the member nations of OPEC 
     adversely affect the price paid by American consumers.
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

                        Offered By: Mr. DeFazio

       Amendment No. 8: Insert the following after section 6 and 
     redesignate the succeeding section accordingly:

     SEC. 7. SUSPENSION OF EXPORTS OF ALASKAN NORTH SLOPE CRUDE 
                   OIL.

       (a) Suspension.--Effective on the date of the enactment of 
     this Act--
       (1) subsection (s) of section 28 of the Mineral Leasing Act 
     (30 U.S.C. 185(s)) shall cease to be effective; and
       (2) subsection (d) of section 7 of the Export 
     Administration Act of 1999 (50 U.S.C. App 2406(d)) shall be 
     effective, notwithstanding section 20 of that Act.
       (b) Administration.--The President may exercise the 
     authorities he has under the International Emergency Economic 
     Powers Act to carry out subsection (a).
       (c) Lifting of Suspension.--If the President determines 
     that the United States is not experiencing a shortage of 
     foreign crude oil and an inflationary impact due to the 
     demand for foreign crude oil, subsections (a) and (b) shall 
     cease to apply 30 calendar days after the President submits 
     that determination to the Congress.

                               H.R. 3822

                        Offered By: Mr. Dingell

       Amendment No. 9: Page 8, after line 8, insert the following 
     new section:

     SEC. 7. ENERGY POLICY AND CONSERVATION ACT REAUTHORIZATION.

       (a) Title I.--Title I of the Energy Policy and Conservation 
     Act (42 U.S.C. 6211-6251) is amended--
       (1) in section 166 (42 U.S.C. 6246)--
       (A) by inserting ``through 2003'' after ``2000''; and
       (B) by striking ``, to remain available only through March 
     31, 2000''; and
       (2) in section 181 (42 U.S.C. 6251), by striking ``March 
     31, 2000'' each place it appears and inserting ``September 
     30, 2003''.
       (b) Title II.--Title II of the Energy Policy and 
     Conservation Act (42 U.S.C. 6261-6285) is amended--
       (1) in section 256(h) (42 U.S.C. 6276(h)), by inserting 
     ``through 2003'' after ``1997''; and
       (2) in section 281 (42 U.S.C. 6285), by striking ``March 
     31, 2000'' each place it appears and inserting ``September 
     30, 2003''.
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

                         Offered By: Mr. Hobson

       Amendment No. 10: At the end of the bill insert the 
     following new section:

     SEC. 8. REPEAL OF 1993 INCREASES IN MOTOR FUEL TAXES.

       (a) Highway Gasoline.--Clause (i) of section 4081(a)(2)(A) 
     of the Internal Revenue Code of 1986 is amended by striking 
     ``18.3 cents'' and inserting ``14 cents''.

[[Page H1166]]

       (b) Aviation Gasoline.--Clause (ii) of section 
     4081(a)(2)(A) of such Code is amended by striking ``19.3 
     cents'' and inserting ``15 cents''.
       (c) Diesel Fuel and Kerosene.--Clause (iii) of section 
     4081(a)(2)(A) of such Code is amended by striking ``24.3 
     cents'' and inserting ``20 cents''.
       (d) Aviation Fuel.--Paragraph (1) of section 4091(b) of 
     such Code is amended by striking ``21.8 cents'' and inserting 
     ``17.5 cents''.
       (e) Fuel Used on Inland Waterways.--
       (1) Paragraph (1) of section 4042(b) of such Code is 
     amended by adding ``and'' at the end of subparagraph (A), by 
     striking ``, and'' at the end of subparagraph (B) and 
     inserting a period, and by striking subparagraph (C).
       (2) Paragraph (2) of section 4042(b) of such Code is 
     amended by striking subparagraph (C).
       (f) Technical Amendments.--
       (1) Subparagraph (B) of section 40(e)(1) of such Code is 
     amended by striking ``during which the rates of tax under 
     section 4081(a)(2)(A) are 4.3 cents per gallon'' and 
     inserting ``during which the rate of tax under section 
     4081(a)(2)(A)(i) does not apply''.
       (2) Subparagraph (A) of section 4041(a)(1) of such Code is 
     amended by striking ``or a diesel-powered train'' each place 
     it appears and by striking ``or train''.
       (3) Subparagraph (C) of section 4041(a)(1) of such Code is 
     amended by striking clause (ii) and by redesignating clause 
     (iii) as clause (ii).
       (4) Subclause (I) of section 4041(a)(1)(C)(ii) of such 
     Code, as redesignated by paragraph (3), is amended by 
     striking ``7.3 cents'' and inserting ``3 cents'' and by 
     striking ``4.3 cents per gallon'' and inserting ``zero''.
       (5) Subsection (a) of section 4041 of such Code is amended 
     by striking paragraph (3).
       (6) Subparagraph (C) of section 4041(b)(1) of such Code is 
     amended by striking all that follows ``section 6421(e)(2)'' 
     and inserting a period.
       (7) Subparagraph (B) of section 4041(a)(2) of such Code is 
     amended by striking all that follows clause (i) and inserting 
     the following new clauses:
       ``(ii) 10.4 cents per gallon in the case of liquefied 
     petroleum gas, and
       ``(iii) 9.1 cents per gallon in the case of liquefied 
     natural gas.''
       (8) Paragraph (3) of section 4041(c) of such Code is 
     amended to read as follows:
       ``(3) Termination.--The rate of the taxes imposed by 
     paragraph (1) shall be zero after September 30, 2007.''
       (9) Subsection (d) of section 4041 of such Code is amended 
     by redesignating paragraph (3) as paragraph (4) and by 
     inserting after paragraph (2) the following new paragraph:
       ``(3) Diesel fuel used in trains.--There is hereby imposed 
     a tax of 0.1 cent per gallon on any liquid other than 
     gasoline (as defined in section 4083)--
       ``(A) sold by any person to an owner, lessee, or other 
     operator of a diesel-powered train for use as a fuel in such 
     train, or
       ``(B) used by any person as a fuel in a diesel-powered 
     train unless there was a taxable sale of such fuel under 
     subparagraph (A).

     No tax shall be imposed by this paragraph on the sale or use 
     of any liquid if tax was imposed on such liquid under section 
     4081.''
       (10) Clauses (i) and (ii) of section 4041(m)(1)(A) of such 
     Code are amended to read as follows:
       ``(i) 7 cents per gallon on and after the date of the 
     enactment of this clause and before October 1, 2005, and
       ``(ii) zero after September 30, 2005, and''.
       (11) Subsection (c) of section 4081 of such Code is amended 
     by striking paragraph (6) and by redesignating paragraphs (7) 
     and (8) as paragraphs (6) and (7), respectively.
       (12) Paragraphs (1) and (2) of section 4081(d) of such Code 
     are amended to read as follows:
       ``(1) In general.--The rates of tax specified in clauses 
     (i) and (iii) of subsection (a)(2)(A) shall be zero after 
     September 30, 2005.
       ``(2) Aviation gasoline.--The rate of tax specified in 
     subsection (a)(2)(A)(ii) shall be zero after September 30, 
     2007.
       (13) Subsection (f) of section 4082 of such Code is amended 
     by striking ``section 4041(a)(1)'' and inserting 
     ``subsections (d)(3) and (a)(1) of section 4041, 
     respectively''.
       (14) Paragraph (3) of section 4083(a) of such Code is 
     amended by striking ``or a diesel-powered train''.
       (15) Subparagraph (A) of section 4091(b)(3) of such Code is 
     amended to read as follows:
       ``(A) The rate of tax specified in paragraph (1) shall be 
     zero after September 30, 2007.''
       (16) Paragraph (1) of section 4091(c) of such Code is 
     amended--
       (A) by striking ``14 cents'' and inserting ``9.7 cents'',
       (B) by striking ``13.3 cents'' and inserting ``9 cents'',
       (C) by striking ``13.2 cents'' and inserting ``8.9 cents'',
       (D) by striking ``13.1 cents'' and inserting ``8.8 cents'', 
     and
       (E) by striking ``13.4 cents'' and inserting ``9.1 cents''.
       (17) Subsection (c) of section 4091 of such Code is amended 
     by striking paragraph (4), and by redesignating paragraph (5) 
     as paragraph (4).
       (18) Subsection (b) of section 4092 of such Code is amended 
     by striking ``attributable to'' and all that follows and 
     inserting ``attributable to the Leaking Underground Storage 
     Tank Trust Fund financing rate imposed by such section. For 
     purposes of the preceding sentence, the term `commercial 
     aviation' means any use of an aircraft other than in 
     noncommercial aviation (as defined in section 4041(c)(2)).''
       (19) Subparagraph (B) of section 6421(f)(2) of such Code is 
     amended by striking ``and,'' and all that follows and 
     inserting a period.
       (20) Paragraph (3) of section 6421(f) of such Code is 
     amended to read as follows:
       ``(3) Gasoline used in trains.--In the case of gasoline 
     used as a fuel in a train, this section shall not apply with 
     respect to the Leaking Underground Storage Tank Trust Fund 
     financing rate under section 4081.''
       (21) Subparagraph (A) of section 6427(b)(2) of such Code is 
     amended by striking ``7.4 cents'' and inserting ``3.1 
     cents''.
       (22) Paragraph (3) of section 6427(l) of such Code is 
     amended to read as follows:
       ``(3) Refund of certain taxes on fuel used in diesel-
     powered trains.--For purposes of this subsection, the term 
     `nontaxable use' includes fuel used in a diesel-powered 
     train. The preceding sentence shall not apply to the tax 
     imposed by section 4041(d) and the Leaking Underground 
     Storage Tank Trust Fund financing rate under section 4081 
     except with respect to fuel sold for exclusive use by a State 
     or any political subdivision thereof.''
       (23) Paragraph (4) of section 6427(l) of such Code is 
     amended by striking ``attributable to'' and all that follows 
     through the period and inserting ``attributable to the 
     Leaking Underground Storage Tank Trust Fund financing rate 
     imposed by such section.''
       (g) Effective Date.--The amendments made by this section 
     shall take effect on the date of the enactment of this Act.
       (h) Floor Stock Refunds.--
       (1) In general.--If--
       (A) before the date of the enactment of this Act, tax has 
     been imposed under section 4081 or 4091 of the Internal 
     Revenue Code of 1986 on any liquid, and
       (B) on such date such liquid is held by a dealer and has 
     not been used and is intended for sale,

     there shall be credited or refunded (without interest) to the 
     person who paid such tax (hereafter in this subsection 
     referred to as the ``taxpayer'') an amount equal to the 
     excess of the tax paid by the taxpayer over the amount of 
     such tax which would be imposed on such liquid had the 
     taxable event occurred on such date.
       (2) Time for filing claims.--No credit or refund shall be 
     allowed or made under this subsection unless--
       (A) claim therefor is filed with the Secretary of the 
     Treasury before the date which is 6 months after the date of 
     the enactment of this Act, based on a request submitted to 
     the taxpayer before the date which is 3 months after such 
     date of enactment, by the dealer who held the liquid on such 
     date of enactment, and
       (B) the taxpayer has repaid or agreed to repay the amount 
     so claimed to such dealer or has obtained the written consent 
     of such dealer to the allowance of the credit or the making 
     of the refund.
       (3) Exception for fuel held in retail stocks.--No credit or 
     refund shall be allowed under this subsection with respect to 
     any liquid in retail stocks held at the place where intended 
     to be sold at retail.
       (4) Definitions.--For purposes of this subsection, the 
     terms ``dealer'' and ``held by a dealer'' have the respective 
     meanings given to such terms by section 6412 of such Code.
       (5) Certain rules to apply.--Rules similar to the rules of 
     subsections (b) and (c) of section 6412 of such Code shall 
     apply for purposes of this subsection.
       (i) Exclusion of Effects of This Section from the Paygo 
     Scorecard.--Upon the enactment of this Act, the Director of 
     the Office of Management and Budget shall not make any 
     estimates of changes in receipts under section 252(d) of the 
     Balanced Budget and Emergency Deficit Control Act of 1985.

                               H.R. 3822

                         Offered By: Mr. Larson

       Amendment No. 11: Page 8, after line 8, insert the 
     following new section:

     SEC. 7. OIL PRICE SAFEGUARDS.

       (a) Drawdown of Strategic Petroleum Reserve.--Section 
     161(d) of the Energy Policy and Conservation Act (42 U.S.C. 
     6241(d)) is amended by adding at the end the following:
       ``(3) Reduction in supply caused by anticompetitive 
     conduct.--
       ``(A) In general.--For the purposes of this section, in 
     addition to the circumstances set forth in section 3(8) and 
     in paragraph (2) of this subsection, a severe energy supply 
     interruption shall be deemed to exist if the President 
     determines that--
       ``(i) there is a significant reduction in supply that--

       ``(I) is of significant scope and duration; and
       ``(II) has caused a significant increase in the price of 
     petroleum products;

       ``(ii) the increase in price is likely to cause a 
     significant adverse impact on the national economy; and
       ``(iii) a substantial cause of the reduction in supply is 
     the anticompetitive conduct of 1 or more foreign countries or 
     international entities.
       ``(B) Deposit and use of proceeds.--Proceeds from the sale 
     of petroleum drawn down pursuant to a Presidential 
     determination under subparagraph (A) shall--
       ``(i) be deposited in the SPR Petroleum Account; and
       ``(ii) be used only for the purposes specified in section 
     167.''.

[[Page H1167]]

       (b) Reporting and Consultation Requirements.--If the price 
     of a barrel of crude oil exceeds $25 (in constant 1999 United 
     States dollars) for a period greater than 14 days, the 
     President, through the Secretary of Energy, shall, not later 
     than 30 days after the end of the 14-day period, submit to 
     the Committee on Energy and Natural Resources of the Senate 
     and the Committee on Commerce of the House of Representatives 
     a report that--
       (1) states the results of a comprehensive review of the 
     causes and potential consequences of the price increase;
       (2) provides an estimate of the likely duration of the 
     price increase, based on analyses and forecasts of the Energy 
     Information Administration;
       (3) provides an analysis of the effects of the price 
     increase on the cost of home heating oil; and
       (4) states whether, and provides a specific rationale for 
     why, the President does or does not support the drawdown and 
     distribution of a specified amount of oil from the Strategic 
     Petroleum Reserve.
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

               Offered By: Mr. Gary Miller of California

       Amendment No. 12: Page 8, after line 8, insert the 
     following new section:

     SEC. 7. OIL PRODUCTION REPORT.

       The Secretary of Energy, in conjunction with the 
     Administrator of the Environmental Protection Agency, shall, 
     not later than September 30, 2000, transmit to the Congress a 
     report on all possible means of protecting the national 
     security of the United States by increasing domestic oil 
     production without harming the environment.
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

                       Offered By: Mr. Nethercutt

       Amendment No. 13: Page 7, strike line 21 and all that 
     follows through line 8 on page 8.

                               H.R. 3822

                       Offered By: Mr. Nethercutt

       Amendment No. 14: Page 8, line 3, after ``assistance'' 
     insert ``(other than assistance consisting of agricultural 
     commodities, medicine, or medical devices)''.
       Page 8, after line 8, insert the following:

       (d) Definitions.--As used in subsection (c):
       (1) Agricultural commodity.--The term ``agricultural 
     commodity'' has the meaning given the term in section 102 of 
     the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
       (2) Medical device.--The term ``medical device'' has the 
     meaning given the term ``device'' in section 201 of the 
     Federal Food, Drug, and Cosmetic Act (21 U.S.C. 321).
       (3) Medicine.--The term ``medicine'' has the meaning given 
     the term ``drug'' in section 201 of the Federal Food, Drug, 
     and Cosmetic Act (21 U.S.C. 321).

                               H.R. 3822

                       Offered By: Mr. Nethercutt

       Amendment No. 15: Page 8, after line 8, insert the 
     following (and redesignate the subsequent section 
     accordingly):

     SEC. 7. TERMINATION OF SANCTIONS.

       Any reduction, suspension, or termination of assistance 
     that is imposed pursuant to section 6(c) shall terminate not 
     later than 2 years after the date on which the reduction, 
     suspension, or termination, as the case may be, became 
     effective.

                               H.R. 3822

                         Offered By: Mr. Salmon

       Amendment No. 16: Page 8, insert the following after line 8 
     and redesignate the succeeding section accordingly:

     SEC. 7. BLOCKING OF ASSETS.

       (a) Presidential Authority.--The President may exercise the 
     authorities under the International Emergency Economic Powers 
     Act without regard to section 202 of that Act to block 
     property in which any country that is determined under 
     section 5 to be engaged in oil price fixing to the detriment 
     of the United States economy has any interest.
       (b) Subsequent Determination of Oil-Price Fixing.--Not 
     later than 6 months after the report is transmitted under 
     section 4, the President shall determine and report to the 
     Congress, with respect to each country described in section 
     4(1), whether or not, as of the date the President makes the 
     determination, that country is engaged in oil price fixing to 
     the detriment of the United States economy. The President 
     shall include in the report the basis for each such 
     determination.
       (c) Mandatory Blocking of Assets.--The President shall 
     exercise the authorities under the International Emergency 
     Economic Powers Act without regard to section 202 of that Act 
     (50 U.S.C. 1701) to block all property in which any country 
     that is determined under subsection (b) to be engaged in oil 
     price fixing to the detriment of the United States economy 
     has any interest.
       (d) Posting of Blocked Property.--The Secretary of the 
     Treasury shall publish online a list of all property blocked 
     pursuant to this section.
       (e) Penalties.--The penalties set forth in section 206 of 
     the International Emergency Economic Powers Act (50 U.S.C. 
     1705) shall apply to violations of any license, order, or 
     regulation issues under subsection (a) or (c).

                               H.R. 3822

                         Offered By: Mr. Salmon

       Amendment No. 17: Page 8, insert the following after line 8 
     and redesignate the succeeding section accordingly:

     SEC. 7. BLOCKING OF ASSETS.

       (a) Presidential Authority.--The President may exercise the 
     authorities under the International Emergency Economic Powers 
     Act without regard to section 202 of that Act to block 
     property in which any country that is determined under 
     section 5 to be engaged in oil price fixing to the detriment 
     of the United States economy has any interest.
       (b) Subsequent Determination of Oil-Price Fixing.--Not 
     later than 6 months after the report is transmitted under 
     section 4, the President shall determine and report to the 
     Congress, with respect to each country described in section 
     4(1), whether or not, as of the date the President makes the 
     determination, that country is engaged in oil price fixing to 
     the detriment of the United States economy. The President 
     shall include in the report the basis for each such 
     determination.
       (c) Mandatory Blocking of Assets.--The President shall 
     exercise the authorities under the International Emergency 
     Economic Powers Act without regard to section 202 of that Act 
     (50 U.S.C. 1701) to block all property in which any country 
     that is determined under subsection (b) to be engaged in oil 
     price fixing to the detriment of the United States economy 
     has any interest.
       (d) Penalties.--The penalties set forth in section 206 of 
     the International Emergency Economic Powers Act (50 U.S.C. 
     1705) shall apply to violations of any license, order, or 
     regulation issues under subsection (a).

                               H.R. 3822

                         Offered By: Mr. Salmon

       Amendment No. 18: Page 8, insert the following after line 8 
     and redesignate the succeeding section accordingly:

     SEC. 7. BLOCKING OF ASSETS.

       (a) Presidential Authority.--The President may exercise the 
     authorities under the International Emergency Economic Powers 
     Act without regard to section 202 of that Act to block 
     property in which any country that is determined under 
     section 5 to be engaged in oil price fixing to the detriment 
     of the United States economy has any interest.
       (b) Penalties.--The penalties set forth in section 206 of 
     the International Emergency Economic Powers Act (50 U.S.C. 
     1705) shall apply to violations of any license, order, or 
     regulation issues under subsection (a).

                               H.R. 3822

                        Offered By: Mr. Sherwood

       Amendment No. 19: Page 8, after line 2, insert the 
     following (and conform subsequent section numbers 
     accordingly):

     SEC. 7. REPORT BY SECRETARY OF ENERGY ON REDUCING OIL PRICE 
                   FIXING AND UNITED STATES DEPENDENCE ON FOREIGN 
                   OIL.

       Not later than 60 days after the date of enactment of this 
     Act, the Secretary of Energy shall submit a report to the 
     Congress recommending both short-term and long-term solutions 
     by which the United States can reduce oil price fixing and 
     United States dependence on foreign oil. Such report shall 
     include--
       (1) an analysis of options for--
       (A) sales or exchanges of crude oil from the Strategic 
     Petroleum Reserve established under part B of title I of the 
     Energy Policy and Conservation Act (42 U.S.C. 6232 et seq.); 
     and
       (B) increasing efficiency in energy utilization;
       (2) a plan for increasing natural gas supply to markets in 
     the northeastern United States; and
       (3) an evaluation of how the United States can increase 
     domestic crude oil production to alleviate risks to national 
     security due to oil price fixing and dependence on foreign 
     oil.

                               H.R. 3822

                        Offered By: Mrs. Thurman

       Amendment No. 20: Add at the end thereof the following new 
     title:

          TITLE II--ENERGY EFFICIENT TECHNOLOGY TAX INCENTIVES

     SEC. 201. SHORT TITLE.

       This Act may be cited as the ``Energy Efficient Technology 
     Tax Act''.

     SEC. 202. CREDIT FOR CERTAIN ENERGY-EFFICIENT PROPERTY USED 
                   IN BUSINESS.

       (a) In General.--Subpart E of part IV of subchapter A of 
     chapter 1 of the Internal Revenue Code of 1986 is amended by 
     inserting after section 48 the following new section:

     ``SEC. 48A. ENERGY CREDIT.

       ``(a) In General.--For purposes of section 46, the energy 
     credit for any taxable year is the sum of--

[[Page H1168]]

       ``(1) the amount equal to the energy percentage of the 
     basis of each energy property placed in service during such 
     taxable year, and
       ``(2) the credit amount for each qualified hybrid vehicle 
     placed in service during the taxable year.
       ``(b) Energy Percentage.--
       ``(1) In general.--The energy percentage shall be 
     determined in accordance with the following table:
       

--------------------------------------------------------------------------------------------------------------------------------------------------------
            ``Column A--Description                   Column B--Energy Percentage                               Column C--Period
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 For the period:
                In the case of:                        The energy percentage is:       -----------------------------------------------------------------
                                                                                                 Beginning on:                      Ending on:
--------------------------------------------------------------------------------------------------------------------------------------------------------
Solar energy property (other than elected       10 percent                               1/1/2000                         no end date
 solar hot water property and photovoltaic
 property) and geothermal energy property.....
Elected solar hot water property..............  15 percent                               1/1/2000                        12/31/2004
Photovoltaic property.........................  15 percent                               1/1/2000                        12/31/2006
20 percent energy-efficient building property.  20 percent                               1/1/2000                        12/31/2003
10 percent energy-efficient building property.  10 percent                               1/1/2000                        12/31/2001
Combined heat and power system property.......  8 percent                                1/1/2000                        12/31/2002.
--------------------------------------------------------------------------------------------------------------------------------------------------------

       ``(2) Periods for which percentage not specified.--In the 
     case of any energy property, the energy percentage shall be 
     zero for any period for which an energy percentage is not 
     specified for such property under paragraph (1).
       ``(3) Coordination with rehabilitation.--The energy 
     percentage shall not apply to that portion of the basis of 
     any property which is attributable to qualified 
     rehabilitation expenditures.
       ``(4) Transitional rules.--Rules similar to the rules of 
     section 48(m) (as in effect on the day before the date of the 
     enactment of the Revenue Reconciliation Act of 1990) shall 
     apply for purposes of this subsection.
       ``(c) Maximum Credit for Certain Property.--In the case of 
     property described in the following table, the amount of the 
     current year business credit under subsection (a) for the 
     taxable year for each item of such property with respect to a 
     building shall not exceed the amount specified for such 
     property in such table:
       

----------------------------------------------------------------------------------------------------------------
                Description of property:                           Maximum allowable credit amount is:
----------------------------------------------------------------------------------------------------------------
Elected solar hot water property.......................      $1,000.
Photovoltaic property with respect to which the energy       $2,000.
 percentage is greater than 10 percent.
20 percent energy-efficient building property:           .......................................................
  fuel cell described in subsection (e)(3)(A)..........      $500 per each kw/hr of capacity.
  natural gas heat pump described in subsection              $1,000.
   (e)(3)(D).
20 percent energy-efficient building property (other         $500.
 than a fuel cell and a natural gas heat pump)
10 percent energy-efficient building property..........      $250.
----------------------------------------------------------------------------------------------------------------

       ``(d) Energy Property Defined.--
       ``(1) In general.--For purposes of this subpart, the term 
     `energy property' means any property--
       ``(A) which is--
       ``(i) solar energy property,
       ``(ii) geothermal energy property,
       ``(iii) 20 percent energy-efficient building property,
       ``(iv) 10 percent energy-efficient building property, or
       ``(v) combined heat and power system property,
       ``(B)(i) the construction, reconstruction, or erection of 
     which is completed by the taxpayer, or
       ``(ii) which is acquired by the taxpayer if the original 
     use of such property commences with the taxpayer,
       ``(C) with respect to which depreciation (or amortization 
     in lieu of depreciation) is allowable, and
       ``(D) which meets the performance and quality standards (if 
     any), and the certification requirements (if any), which--
       ``(i) have been prescribed by the Secretary by regulations 
     (after consultation with the Secretary of Energy or the 
     Administrator of the Environmental Protection Agency, as 
     appropriate), and
       ``(ii) are in effect at the time of the acquisition of the 
     property.
       ``(2) Exception.--Such term shall not include any property 
     which is public utility property (as defined in section 
     46(f)(5) as in effect on the day before the date of the 
     enactment of the Revenue Reconciliation Act of 1990). The 
     preceding sentence shall not apply to combined heat and power 
     system property.
       ``(e) Definitions Relating to Types of Energy Property.--
     For purposes of this section--
       ``(1) Solar energy property.--
       ``(A) In general.--The term `solar energy property' means 
     equipment which uses solar energy--
       ``(i) to generate electricity,
       ``(ii) to heat or cool (or provide hot water for use in) a 
     structure, or
       ``(iii) to provide solar process heat.
       ``(B) Elected solar water heating property.--
       ``(i) In general.--The term `elected solar water heating 
     property' means property which is solar energy property by 
     reason of subparagraph (A)(ii) and for which an election 
     under this subparagraph is in effect.
       ``(ii) Election.--For purposes of clause (i) and the energy 
     percentage specified in the table in subsection (b)(1), a 
     taxpayer may elect to treat property described in clause (i) 
     as elected solar water heating property.
       ``(C) Photovoltaic property.--The term `photovoltaic 
     property' means solar energy property which uses a solar 
     photovoltaic process to generate electricity.
       ``(D) Swimming pools, etc., used as storage medium.--The 
     term `solar energy property' shall not include a swimming 
     pool, hot tub, or any other energy storage medium which has a 
     function other than the function of such storage.
       ``(E) Solar panels.--No solar panel or other property 
     installed as a roof (or portion thereof) shall fail to be 
     treated as solar energy property solely because it 
     constitutes a structural component of the structure on which 
     it is installed.
       ``(2) Geothermal energy property.--The term `geothermal 
     energy property' means equipment used to produce, distribute, 
     or use energy derived from a geothermal deposit (within the 
     meaning of section 613(e)(2)), but only, in the case of 
     electricity generated by geothermal power, up to (but not 
     including) the electrical transmission stage.
       ``(3) 20 percent energy-efficient building property.--The 
     term `20 percent energy-efficient building property' means--
       ``(A) a fuel cell that--
       ``(i) generates electricity and heat using an 
     electrochemical process,
       ``(ii) has an electricity-only generation efficiency 
     greater than 35 percent, and
       ``(iii) has a minimum generating capacity of 5 kilowatts,
       ``(B) an electric heat pump hot water heater that yields an 
     energy factor of 1.7 or greater,
       ``(C) an electric heat pump that has a heating system 
     performance factor (HSPF) of 9 or greater and a cooling 
     seasonal energy efficiency ratio (SEER) of 15 or greater,
       ``(D) a natural gas heat pump that has a coefficient of 
     performance of not less than 1.25 for heating and not less 
     than 0.70 for cooling,
       ``(E) a central air conditioner that has a cooling seasonal 
     energy efficiency ratio (SEER) of 15 or greater, and
       ``(F) an advanced natural gas water heater that has an 
     energy factor of at least 0.80.
       ``(4) 10 percent energy-efficient building property.--The 
     term `10 percent energy-efficient building property' means--
       ``(A) an electric heat pump that has a heating system 
     performance factor (HSPF) of 7.5 or greater and a cooling 
     seasonal energy efficiency ratio (SEER) of 13.5 or greater,
       ``(B) a central air conditioner that has a cooling seasonal 
     energy efficiency ratio (SEER) of 13.5 or greater, and
       ``(C) an advanced natural gas water heater that has an 
     energy factor of at least 0.65.
       ``(5) Combined heat and power system property.--
       ``(A) In general.--The term `combined heat and power system 
     property' means property comprising a system--
       ``(i) which uses the same energy source for the 
     simultaneous or sequential generation of electrical power, 
     mechanical shaft power, or both, in combination with the 
     generation of

[[Page H1169]]

     steam or other forms of useful thermal energy (including 
     heating and cooling applications),
       ``(ii) which has an electrical capacity of more than 50 
     kilowatts or a mechanical energy capacity of more than 67 
     horsepower or an equivalent combination of electrical and 
     mechanical energy capacities,
       ``(iii) which produces--

       ``(I) at least 20 percent of its total useful energy in the 
     form of thermal energy, and
       ``(II) at least 20 percent of its total useful energy in 
     the form of electrical or mechanical power (or a combination 
     thereof), and

       ``(iv) the energy efficiency percentage of which exceeds 60 
     percent (70 percent in the case of a system with an 
     electrical capacity in excess of 50 megawatts or a mechanical 
     energy capacity in excess of 67,000 horsepower, or an 
     equivalent combination of electrical and mechanical energy 
     capacities).
       ``(B) Special rules.--
       ``(i) Energy efficiency percentage.--For purposes of 
     subparagraph (A)(iv), the energy efficiency percentage of a 
     system is the fraction--

       ``(I) the numerator of which is the total useful 
     electrical, thermal, and mechanical power produced by the 
     system at normal operating rates, and
       ``(II) the denominator of which is the lower heating value 
     of the primary fuel source for the system.

       ``(ii) Determinations made on btu basis.--The energy 
     efficiency percentage and the percentages under subparagraph 
     (A)(iii) shall be determined on a Btu basis.
       ``(iii) Input and output property not included.--The term 
     `combined heat and power system property' does not include 
     property used to transport the energy source to the facility 
     or to distribute energy produced by the facility.
       ``(iv) Accounting rule for public utility property.--In the 
     case that combined heat and power system property is public 
     utility property (as defined in section 46(f)(5) as in effect 
     on the day before the date of the enactment of the Revenue 
     Reconciliation Act of 1990), the taxpayer may only claim the 
     credit under subsection (a)(1) if, with respect to such 
     property, the taxpayer uses a normalization method of 
     accounting.
       ``(v) Depreciation.--No credit shall be allowed for any 
     combined heat and power system property unless the taxpayer 
     elects to treat such property for purposes of section 168 as 
     having a class life of not less than 22 years.
       ``(f) Qualified Hybrid Vehicles.--For purposes of 
     subsection (a)(2)--
       ``(1) Credit amount.--
       ``(A) In general.--The credit amount for each qualified 
     hybrid vehicle with a rechargeable energy storage system that 
     provides the applicable percentage of the maximum available 
     power shall be the amount specified in the following table:
       

------------------------------------------------------------------------
               ``Applicable percentage
------------------------------------------------------ Credit amount is:
    Greater than or equal to--         Less than--
------------------------------------------------------------------------
5 percent.........................      10 percent           $  500
10 percent........................      20 percent           $1,000
20 percent........................      30 percent           $1,500
30 percent........................                           $2,000
------------------------------------------------------------------------

       ``(B) Increase in credit amount for regenerative braking 
     system.--In the case of a qualified hybrid vehicle that 
     actively employs a regenerative braking system which supplies 
     to the rechargeable energy storage system the applicable 
     percentage of the energy available from braking in a typical 
     60 miles per hour to 0 miles per hour braking event, the 
     credit amount determined under subparagraph (A) shall be 
     increased by the amount specified in the following table:
       

------------------------------------------------------------------------
               ``Applicable percentage
------------------------------------------------------   Credit amount
    Greater than or equal to--         Less than--        increase is:
------------------------------------------------------------------------
20 percent........................      40 percent           $  250
40 percent........................      60 percent           $  500
60 percent........................                           $1,000
------------------------------------------------------------------------

       ``(2) Qualified hybrid vehicle.--The term `qualified hybrid 
     vehicle means an automobile that meets all applicable 
     regulatory requirements and that can draw propulsion energy 
     from both of the following on-board sources of stored energy:
       ``(A) A consumable fuel.
       ``(B) A rechargeable energy storage system.
       ``(3) Maximum available power.--The term `maximum available 
     power' means the maximum value of the sum of the heat engine 
     and electric drive system power or other non-heat energy 
     conversion devices available for a driver's command for 
     maximum acceleration at vehicle speeds under 75 miles per 
     hour.
       ``(4) Automobile.--The term `automobile' has the meaning 
     given such term by section 4064(b)(1) (without regard to 
     subparagraphs (B) and (C) thereof). A vehicle shall not fail 
     to be treated as an automobile solely by reason of weight if 
     such vehicle is rated at 8,500 pounds gross vehicle weight 
     rating or less.
       ``(5) Double benefit; property used outside united states, 
     etc., not qualified.--No credit shall be allowed under 
     subsection (a)(2) with respect to--
       ``(A) any property for which a credit is allowed under 
     section 25B or 30,
       ``(B) any property referred to in section 50(b), and
       ``(C) the portion of the cost of any property taken into 
     account under section 179 or 179A.
       ``(6) Regulations.--
       ``(A) Treasury.--The Secretary shall prescribe such 
     regulations as may be necessary or appropriate to carry out 
     the purposes of this subsection.
       ``(B) Environmental protection agency.--
       ``(A) Treasury.--The Administrator of the Environmental 
     Protection Agency shall prescribe such regulations as may be 
     necessary or appropriate to specify the testing and 
     calculation procedures that would be used to determine 
     whether a vehicle meets the qualifications for a credit under 
     this subsection.
       ``(7) Termination.--Paragraph (2) shall not apply with 
     respect to any vehicle placed in service during a calendar 
     year ending before January 1, 2003, or after December 31, 
     2006.
       ``(g) Special Rules.--For purposes of this section--
       ``(1) Special rule for property financed by subsidized 
     energy financing or industrial development bonds.--
       ``(A) Reduction of basis.--For purposes of applying the 
     energy percentage to any property, if such property is 
     financed in whole or in part by--
       ``(i) subsidized energy financing, or
       ``(ii) the proceeds of a private activity bond (within the 
     meaning of section 141) the interest on which is exempt from 
     tax under section 103,

     the amount taken into account as the basis of such property 
     shall not exceed the amount which (but for this subparagraph) 
     would be so taken into account multiplied by the fraction 
     determined under subparagraph (B).
       ``(B) Determination of fraction.--For purposes of 
     subparagraph (A), the fraction determined under this 
     subparagraph is 1 reduced by a fraction--
       ``(i) the numerator of which is that portion of the basis 
     of the property which is allocable to such financing or 
     proceeds, and
       ``(ii) the denominator of which is the basis of the 
     property.
       ``(C) Subsidized energy financing.--For purposes of 
     subparagraph (A), the term `subsidized energy financing' 
     means financing provided under a Federal, State, or local 
     program a principal purpose of which is to provide subsidized 
     financing for projects designed to conserve or produce 
     energy.
       ``(2) Business use.--The rule similar to the rule of 
     section 25(B)(d)(5)(B) shall apply for purposes of 
     determining the business use of a vehicle.
       ``(3) Certain progress expenditure rules made applicable.--
     Rules similar to the rules of subsections (c)(4) and (d) of 
     section 46 (as in effect on the day before the date of the 
     enactment of the Revenue Reconciliation Act of 1990) shall 
     apply for purposes of this section.
       ``(4) Double benefit.--Property which would, but for this 
     paragraph, be eligible for credit under more than one 
     provision of this section shall be eligible only under one 
     such provision, the provision specified by the taxpayer.''.
       (b) Conforming Amendments.--
       (1) Section 48 of such Code is amended to read as follows:

     ``SEC. 48. REFORESTATION CREDIT.

       ``(a) In General.--For purposes of section 46, the 
     reforestation credit for any taxable year is 10 percent of 
     the portion of the amortizable basis of any qualified timber 
     property which was acquired during such taxable year

[[Page H1170]]

     and which is taken into account under section 194 (after the 
     application of section 194(b)(1)).
       ``(b) Definitions.--For purposes of this subpart, the terms 
     `amortizable basis' and `qualified timber property' have the 
     respective meanings given to such terms by section 194.''.
       (2) Subsection (d) of section 39 of such Code is amended by 
     adding at the end the following new paragraph:
       ``(9) No carryback of energy credit before effective 
     date.--No portion of the unused business credit for any 
     taxable year which is attributable to the energy credit 
     determined under section 48A may be carried back to a taxable 
     year ending before the date of the enactment of section 
     48A.''.
       (3) Paragraph (3) of section 50(c) of such Code is amended 
     by adding at the end the following flush sentence:
     ``In the case of the energy credit, the preceding sentence 
     shall apply only to so much of such credit as relates to 
     solar energy property and geothermal property (as such terms 
     are defined in section 48A(e)).''.
       (4) Subclause (III) of section 29(b)(3)(A)(i) of such Code 
     is amended by striking ``section 48(a)(4)(C)'' and inserting 
     ``section 48A(g)(1)(C)''.
       (5) Subparagraph (E) of section 50(a)(2) of such Code is 
     amended by striking ``section 48(a)(5)'' and inserting 
     ``section 48A(g)(3)''.
       (6) Subparagraph (B) of section 168(e)(3) of such Code is 
     amended--
       (A) in clause (vi)(I)--
       (i) by striking ``section 48(a)(3)'' and inserting 
     ``paragraphs (1) and (2) of section 48A(e)'', and
       (ii) by striking ``clause (i)'' and inserting ``paragraph 
     (1)(A)'', and
       (B) in the last sentence by striking ``section 48(a)(3)'' 
     and inserting ``section 48A(d)(2)''.
       (7) Subparagraph (E) of section 168(e)(3) of such Code is 
     amended by striking ``and'' at the end of clause (ii), by 
     striking the period at the end of clause (iii) and inserting 
     ``, and'', and by inserting after clause (iii) the following 
     new clause:
       ``(iv) any combined heat and power system property (as 
     defined in section 48A(e)(5)) for which a credit is allowed 
     under section 48A and which, but for this clause, would have 
     a recovery period of less than 15 years.''.
       (8) The table contained in subparagraph (B) of section 
     168(g)(3) of such Code is amended by adding at the end the 
     following:

    ``(E)(iv).....................................................22''.
       (c) Clerical Amendment.--The table of sections for subpart 
     E of part IV of subchapter A of chapter 1 of such Code is 
     amended by striking the item relating to section 48 and 
     inserting the following new items:

``Sec. 48. Reforestation credit.
``Sec. 48A. Energy credit.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to periods after December 31, 1999, under rules 
     similar to the rules of section 48(m) of the Internal 
     Revenue Code of 1986 (as in effect on the day before the 
     date of the enactment of the Revenue Reconciliation Act of 
     1990).

     SEC. 203. EXTENSION OF CREDIT FOR QUALIFIED ELECTRIC 
                   VEHICLES.

       (a) Extension of Credit for Qualified Electric Vehicles.--
     Subsection (f) of section 30 of such Code (relating to 
     termination) is amended by striking ``December 31, 2004'' and 
     inserting ``December 31, 2006''.
       (b) Repeal of Phaseout.--Subsection (b) of section 30 of 
     such Code (relating to limitations) is amended by striking 
     paragraph (2) and redesignating paragraph (3) as paragraph 
     (2).
       (c) No Double Benefit.--
       (1) Subsection (d) of section 30 of such Code (relating to 
     special rules) is amended by adding at the end the following 
     new paragraph:
       ``(5) No credit shall be allowed under subsection (a) with 
     respect to any vehicle if the taxpayer claims a credit for 
     such vehicle under section 25B(a)(1)(B) or 48A(f).''.
       (2) Paragraph (3) of section 30(d) of such Code (relating 
     to property used outside United States, etc., not qualified) 
     is amended by striking ``section 50(b)'' and inserting 
     ``section 25B, 48A, or 50(b)''.
       (3) Paragraph (5) of section 179A(e) of such Code (relating 
     to property used outside United States, etc., not qualified) 
     is amended by striking ``section 50(b)'' and inserting 
     ``section 25B, 48A, or 50(b)''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act.

     SEC. 204. MODIFICATIONS TO CREDIT FOR ELECTRICITY PRODUCED 
                   FROM CERTAIN RENEWABLE RESOURCES.

       (a) Extension.--Paragraph (3) of section 45(c) of the 
     Internal Revenue Code of 1986 (relating to qualified 
     facility) is amended by striking ``July 1, 1999'' and 
     inserting ``July 1, 2004''.
       (b) Qualified Facilities Include All Biomass Facilities.--
       (1) In general.--Paragraph (1) of section 45(c) of such 
     Code (relating to definition of qualified energy resources) 
     is amended by striking ``and'' at the end of subparagraph 
     (A), by striking the period at the end of subparagraph (B), 
     and by inserting after subparagraph (B) the following:
       ``(C) biomass (other than closed-loop biomass).''.
       (2) Biomass defined.--Paragraph (2) of section 45(c) of 
     such Code is amended to read as follows:
       ``(2) Biomass.--
       ``(A) In general.--The term `biomass' means--
       ``(i) closed-loop biomass, and
       ``(ii) any solid, nonhazardous, cellulosic waste material, 
     which is segregated from other waste materials, and which is 
     derived from--

       ``(I) any of the following forest-related resources: mill 
     residues, precommercial thinnings, slash, and brush, but not 
     including old-growth timber,
       ``(II) waste pallets, crates, and dunnage, and landscape or 
     right-of-way tree trimmings, but not including unsegregated 
     municipal solid waste (garbage) and post-consumer wastepaper, 
     or
       ``(III) agriculture sources, including orchard tree crops, 
     vineyard, grain, legumes, sugar, and other crop by-products 
     or residues.

       ``(B) Closed-loop biomass.--The term `closed-loop biomass' 
     means any organic material from a plant which is planted 
     exclusively for purposes of being used at a qualified 
     facility to produce electricity.''.
       (c) Electricity Produced From Biomass Co-fired in Coal 
     Plants.--
       (1) Credit amount.--Paragraph (1) of section 45(a) of such 
     Code (relating to general rule) is amended by inserting 
     ``(1.0 cents in the case of electricity produced from biomass 
     co-fired in a facility which produces electricity from coal) 
     after ``1.5 cents''.
       (2) Qualified facility.--Paragraph (3) of section 45(c) of 
     such Code (relating to definitions) is amended by striking 
     the period at the end and inserting the following: ``, and 
     any facility using biomass other than closed loop biomass to 
     produce electricity which is owned by the taxpayer and which 
     is originally placed in service after June 30, 1999.''.
       (3) Adjustment for inflation.--
       (A) In general.--Paragraph (2) of section 45(b) of such 
     Code (relating to credit and phaseout adjustment based on 
     inflation) is amended by striking ``1.5 cent amount'' and 
     inserting ``1.5 and 1.0 cent amounts''.
       (B) Base year for inflation adjustment factor.--
     Subparagraph (B) of section 45(d)(2) of such Code (relating 
     to inflation adjustment factor) is amended by adding at the 
     end the following new sentence: ``In the case of the 1.0 
     cents amount in subsection (a), the first sentence of this 
     subparagraph shall be applied by substituting `1999' for 
     `1992'.''.
       (d) Credit Not To Apply to Electricity Sold to Utilities 
     Under Certain Contracts.--Subsection (b) of section 45 of 
     such Code (relating to limitations and adjustments) is 
     amended by adding at the end the following new paragraph:
       ``(4) Credit not to apply to electricity sold to utilities 
     under certain contracts.--
       ``(A) In general.--The credit determined under subsection 
     (a) shall not apply to electricity--
       ``(i) produced at a qualified facility placed in service by 
     the taxpayer after June 30, 1999, and
       ``(ii) sold to a utility pursuant to a contract originally 
     entered into before January 1, 1987 (whether or not amended 
     or restated after that date).
       ``(B) Exception.--Subparagraph (A) shall not apply if--
       ``(i) the prices for energy and capacity from such facility 
     are established pursuant to an amendment to the contract 
     referred to in subparagraph (A)(ii),
       ``(ii) such amendment provides that the prices set forth in 
     the contract which exceed avoided cost prices determined at 
     the time of delivery shall apply only to annual quantities of 
     electricity (prorated for partial years) which do not exceed 
     the greater of--

       ``(I) the average annual quantity of electricity sold to 
     the utility under the contract during calendar years 1994, 
     1995, 1996, 1997, and 1998, or
       ``(II) the estimate of the annual electricity production 
     set forth in the contract, or, if there is no such estimate, 
     the greatest annual quantity of electricity sold to the 
     utility under the contract in any of the calendar years 1996, 
     1997, or 1998, and

       ``(iii) such amendment provides that energy and capacity in 
     excess of the limitation in clause (ii) may be--

       ``(I) sold to the utility only at prices that do not exceed 
     avoided cost prices determined at the time of delivery, or
       ``(II) sold to a third party subject to a mutually agreed 
     upon advance notice to the utility.

     For purposes of this subparagraph, avoided cost prices shall 
     be determined as provided for in section 292.304(d)(1) of 
     title 18, Code of Federal Regulations, or any successor 
     regulation.''.
       (e) Effective Date.--
       (1) In general.--Except as provided by paragraph (2), the 
     amendments made by this section shall apply to taxable years 
     ending after June 30, 1999.
       (2) Adjustment for inflation.--The amendments made by 
     subsection (c)(3) shall apply to taxable years ending after 
     December 31, 1999.

     SEC. 205. CREDIT FOR CERTAIN NONBUSINESS ENERGY PROPERTY.

       (a) In General.--Subpart A of part IV of subchapter A of 
     chapter 1 of the Internal Revenue Code of 1986 (relating to 
     nonrefundable personal credits) is amended by inserting after 
     section 25A the following new section:

     ``SEC. 25B. NONBUSINESS ENERGY PROPERTY.

       ``(a) Allowance of Credit.--

[[Page H1171]]

       ``(1) In general.--In the case of an individual, there 
     shall be allowed as a credit against the tax imposed by this 
     chapter for the taxable year an amount equal to the sum of--
       ``(A) the applicable percentage of residential energy 
     property expenditures made by the taxpayer during such year,
       ``(B) the credit amount (determined under section 48A(f)) 
     for each vehicle purchased during the taxable year which is a 
     qualified hybrid vehicle (as defined in section 48A(f)(2)), 
     and
       ``(C) the credit amount specified in the following table 
     for a new, highly energy-efficient principal residence:

``New, Highly Energy-Efficient Principal Residence:      Credit Amount:
  30 percent property...........................................$1,000.
  40 percent property...........................................$1,500.
  50 percent property...........................................$2,000.
       ``(2) Applicable percentage.--
       ``(A) In general.--The applicable percentage shall be 
     determined in accordance with the following table:
       

--------------------------------------------------------------------------------------------------------------------------------------------------------
            ``Column A--Description                Column B-- Applicable Percentage                             Column C--Period
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 For the period:
                In the case of:                      The applicable percentage is:     -----------------------------------------------------------------
                                                                                                 Beginning on:                      Ending on:
--------------------------------------------------------------------------------------------------------------------------------------------------------
20 percent energy-efficient building property.  20 percent                               1/1/2000                        12/31/2003
10 percent energy-efficient building property.  10 percent                               1/1/2000                        12/31/2001
Solar water heating property..................  15 percent                               1/1/2000                        12/31/2006
Photovoltaic property.........................  15 percent                               1/1/2000                        12/31/2006.
--------------------------------------------------------------------------------------------------------------------------------------------------------

       ``(B) Periods for which percentage not specified.--In the 
     case of any residential energy property, the applicable 
     percentage shall be zero for any period for which an 
     applicable percentage is not specified for such property 
     under subparagraph (A).
       ``(b) Maximum Credit.--
       ``(1) In general.--In the case of property described in the 
     following table, the amount of the credit allowed under 
     subsection (a)(1)(A) for the taxable year for each item of 
     such property with respect to a dwelling unit shall not 
     exceed the amount specified for such property in such table:

       

----------------------------------------------------------------------------------------------------------------
            ``Description of property item:                        Maximum allowable credit amount is:
----------------------------------------------------------------------------------------------------------------
20 percent energy-efficient building property (other         $500.
 than a fuel cell or natural gas heat pump).
20 percent energy-efficient building property:           .......................................................
  fuel cell described in section 48A (e)(3)(A).........      $  500 per each kw/hr of capacity.
  natural gas heat pump described in section 48A             $1,000.
   (e)(3)(D).
10 percent energy-efficient building property..........      $ 250.
Solar water heating property...........................      $1,000.
Photovoltaic property..................................      $2,000.
----------------------------------------------------------------------------------------------------------------

       ``(2) Coordination of limitations.--If a credit is allowed 
     to the taxpayer for any taxable year by reason of an 
     acquisition of a new, highly energy-efficient principal 
     residence, no other credit shall be allowed under subsection 
     (a)(1)(A) with respect to such residence during the 1-taxable 
     year period beginning with such taxable year.
       ``(c) Definitions.--For purposes of this section--
       ``(1) Residential Energy Property Expenditures.--The term 
     `residential energy property expenditures' means expenditures 
     made by the taxpayer for qualified energy property installed 
     on or in connection with a dwelling unit which--
       ``(A) is located in the United States, and
       ``(B) is used by the taxpayer as a residence.

     Such term includes expenditures for labor costs properly 
     allocable to the onsite preparation, assembly, or original 
     installation of the property.
       ``(2) Qualified energy property.--
       ``(A) In general.--The term `qualified energy property' 
     means--
       ``(i) energy-efficient building property,
       ``(ii) solar water heating property, and
       ``(iii) photovoltaic property.
       ``(B) Swimming pool, etc., used as storage medium; solar 
     panels.--For purposes of this paragraph, the provisions of 
     subparagraphs (D) and (E) section 48A(e)(1) shall apply.
       ``(3) Energy-efficient building property.--The term 
     `energy-efficient building property' has the meaning given to 
     such term by paragraphs (3) and (4) of section 48A(e).
       ``(4) Solar water heating property.--The term `solar water 
     heating property' means property which, when installed in 
     connection with a structure, uses solar energy for the 
     purpose of providing hot water for use within such structure.
       ``(5) Photovoltaic property.--The term `photovoltaic 
     property' has the meaning given to such term by section 
     48A(e)(1)(C).
       ``(6) New, highly energy-efficient principal residence.--
       ``(A) In general.--Property is a new, highly energy-
     efficient principal residence if--
       ``(i) such property is located in the United States,
       ``(ii) the original use of such property commences with the 
     taxpayer and is, at the time of such use, the principal 
     residence of the taxpayer, and
       ``(iii) such property is certified before such use 
     commences as being 50 percent property, 40 percent property, 
     or 30 percent property.
       ``(B) 50, 40, or 30 percent property.--
       ``(i) In general.--For purposes of subparagraph (A), 
     property is 50 percent property, 40 percent property, or 30 
     percent property if the projected energy usage of such 
     property is reduced by 50 percent, 40 percent, or 30 percent, 
     respectively, compared to the energy usage of a reference 
     house that complies with minimum standard practice, such as 
     the 1998 International Energy Conservation Code of the 
     International Code Council, as determined according to the 
     requirements specified in clause (ii).
       ``(ii) Procedures.--

       ``(I) In general.--For purposes of clause (i), energy usage 
     shall be demonstrated either by a component-based approach or 
     a performance-based approach.
       ``(II) Component approach.--Compliance by the component 
     approach is achieved when all of the components of the house 
     comply with the requirements of prescriptive packages 
     established by the Secretary of Energy, in consultation with 
     the Administrator of the Environmental Protection Agency, 
     such that they are equivalent to the results of using the 
     performance-based approach of subclause (III) to achieve the 
     required reduction in energy usage.

       ``(III) Performance-based approach.--Performance-based 
     compliance shall be demonstrated in terms of the required 
     percentage reductions in projected energy use. Computer 
     software used in support of performance-based compliance must 
     meet all of the procedures and methods for calculating energy 
     savings reductions that are promulgated by the Secretary of 
     Energy. Such regulations on the specifications for software 
     shall be based in the 1998 California Residential Alternative 
     Calculation Method Approval Manual, except that the 
     calculation procedures shall be developed such that the same 
     energy efficiency measures qualify a home for tax credits 
     regardless of whether the home uses a gas or oil furnace or 
     boiler, or an electric heat pump.
       ``(IV) Approval of software submissions.--The Secretary of 
     Energy shall approve software submissions that comply with 
     the calculation requirements of subclause (III).

       ``(C) Determinations of compliance.--A determination of 
     compliance made for the purposes of this paragraph shall be 
     filed with the Secretary of Energy within 1 year of the date 
     of such determination and shall include the TIN of the 
     certifier, the address of the building in compliance, and the 
     identity of the person for whom such determination was 
     performed. Determinations of compliance filed with the 
     Secretary of Energy shall be available for inspection by the 
     Secretary.
       ``(D) Compliance.--
       ``(i) In general.--The Secretary of Energy in consultation 
     with the Secretary of the Treasury shall establish 
     requirements for certification and compliance procedures 
     after examining the requirements for energy consultants and 
     home energy ratings providers specified by the Mortgage 
     Industry National Accreditation Procedures for Home Energy 
     Rating Systems.
       ``(ii) Individuals qualified to determine compliance.--
     Individuals qualified to determine compliance shall be only 
     those individuals who are recognized by an organization 
     certified by the Secretary of Energy for such purposes.

[[Page H1172]]

       ``(D) Principal residence.--The term `principal residence' 
     has the same meaning as when used in section 121, except that 
     the period for which a building is treated as the principal 
     residence of the taxpayer shall also include the 60-day 
     period ending on the 1st day on which it would (but for this 
     subparagraph) first be treated as his principal residence.
       ``(d) Special Rules.--For purposes of this section--
       ``(1) Dollar amounts in case of joint occupancy.--In the 
     case of any dwelling unit which if jointly occupied and used 
     during any calendar year as a residence by 2 or more 
     individuals the following shall apply:
       ``(A) The amount of the credit allowable under subsection 
     (a) by reason of expenditures made during such calendar year 
     by any of such individuals with respect to such dwelling unit 
     shall be determined by treating all of such individuals as 1 
     taxpayer whose taxable year is such calendar year.
       ``(B) There shall be allowable with respect to such 
     expenditures to each of such individuals, a credit under 
     subsection (a) for the taxable year in which such calendar 
     year ends in an amount which bears the same ratio to the 
     amount determined under subparagraph (A) as the amount of 
     such expenditures made by such individual during such 
     calendar year bears to the aggregate of such expenditures 
     made by all of such individuals during such calendar year.
       ``(2) Tenant-stockholder in cooperative housing 
     corporation.--In the case of an individual who is a tenant-
     stockholder (as defined in section 216) in a cooperative 
     housing corporation (as defined in such section), such 
     individual shall be treated as having made his tenant-
     stockholder's proportionate share (as defined in section 
     216(b)(3)) of any expenditures of such corporation.
       ``(3) Condominiums.--
       ``(A) In general.--In the case of an individual who is a 
     member of a condominium management association with respect 
     to a condominium which he owns, such individual shall be 
     treated as having made his proportionate share of any 
     expenditures of such association.
       ``(B) Condominium management association.--For purposes of 
     this paragraph, the term `condominium management association' 
     means an organization which meets the requirements of 
     paragraph (1) of section 528(c) (other than subparagraph (E) 
     thereof) with respect to a condominium project substantially 
     all of the units of which are used as residences.
       ``(4) Joint ownership of energy items.--
       ``(A) In general.--Any expenditure otherwise qualifying as 
     a residential energy property expenditure shall not be 
     treated as failing to so qualify merely because such 
     expenditure was made with respect to 2 or more dwelling 
     units.
       ``(B) Limits applied separately.--In the case of any 
     expenditure described in subparagraph (A), the amount of the 
     credit allowable under subsection (a) shall (subject to 
     paragraph (1)) be computed separately with respect to the 
     amount of the expenditure made for each dwelling unit.
       ``(5) Allocation in certain cases.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     if less than 80 percent of the use of an item is for 
     nonbusiness purposes, only that portion of the expenditures 
     for such item which is properly allocable to use for 
     nonbusiness purposes shall be taken into account. For 
     purposes of this paragraph, use for a swimming pool shall be 
     treated as use which is not for nonbusiness purposes.
       ``(B) Special rule for vehicles.--For purposes of this 
     section and section 48A, a vehicle shall be treated as used 
     entirely for business or nonbusiness purposes if the majority 
     of the use of such vehicle is for business or nonbusiness 
     purposes, as the case may be.
       ``(6) Double benefit; property used outside United States, 
     etc., not qualified.--No credit shall be allowed under 
     subsection (a)(1)(B) with respect to--
       ``(A) any property for which a credit is allowed under 
     section 30 or 48A,
       ``(B) any property referred to in section 50(b), and
       ``(C) the portion of the cost of any property taken into 
     account under section 179 or 179A.
       ``(7) When expenditure made; amount of expenditure.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     an expenditure with respect to an item shall be treated as 
     made when the original installation of the item is completed.
       ``(B) Expenditures part of building construction.--In the 
     case of an expenditure in connection with the construction of 
     a structure, such expenditure shall be treated as made when 
     the original use of the constructed structure by the taxpayer 
     begins.
       ``(C) Amount.--The amount of any expenditure shall be the 
     cost thereof.
       ``(8) Property financed by subsidized energy financing.--
       ``(A) Reduction of expenditures.--For purposes of 
     determining the amount of residential energy property 
     expenditures made by any individual with respect to any 
     dwelling unit, there shall not be taken in to account 
     expenditures which are made from subsidized energy financing 
     (as defined in section 48A(g)(1)).
       ``(B) Dollar limits reduced.--The dollar amounts in the 
     table contained in subsection (b)(1) with respect to each 
     property purchased for such dwelling unit for any taxable 
     year of such taxpayer shall be reduced proportionately by an 
     amount equal to the sum of--
       ``(i) the amount of the expenditures made by the taxpayer 
     during such taxable year with respect to such dwelling unit 
     and not taken into account by reason of subparagraph (A), and
       ``(ii) the amount of any Federal, State, or local grant 
     received by the taxpayer during such taxable year which is 
     used to make residential energy property expenditures with 
     respect to the dwelling unit and is not included in the gross 
     income of such taxpayer.
       ``(e) Basis Adjustments.--For purposes of this subtitle, if 
     a credit is allowed under this section for any expenditure 
     with respect to any property, the increase in the basis of 
     such property which would (but for this subsection) result 
     from such expenditure shall be reduced by the amount of the 
     credit so allowed.''.
       (b) Conforming Amendments.--
       (1) Subsection (a) of section 1016 of such Code is amended 
     by striking ``and'' at the end of paragraph (26), by striking 
     the period at the end of paragraph (27) and inserting ``; 
     and'', and by adding at the end the following new paragraph:
       ``(28) to the extent provided in section 25B(e), in the 
     case of amounts with respect to which a credit has been 
     allowed under section 25B.''.
       (2) The table of sections for subpart A of part IV of 
     subchapter A of chapter 1 of such Code is amended by 
     inserting after the item relating to section 25A the 
     following new item:

``Sec. 25B. Nonbusiness energy property.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to expenditures after December 31, 1999.
       Page 2, after line 5, insert ``TITLE I--OIL PRICE 
     REDUCTION''.
       Page 2, line 6, strike ``2'' and insert ``101''.
       Page 5, line 4, strike ``3'' and insert ``102''.
       Page 5, line 16, strike ``4'' and insert ``103''.
       Page 6, line 10, strike ``section 5'' and insert ``section 
     104''.
       Page 6, line 12, strike ``5'' and insert ``104''.
       Page 6, line 15, strike ``section 4'' and insert ``section 
     103''.
       Page 6, line 17, strike ``section 4(1)'' and insert 
     ``section 103(1)''.
       Page 6, line 21, strike ``6'' and insert ``105''.
       Page 6, line 24, strike ``section 4'' and insert ``section 
     103''.
       Page 7, line 3, strike ``section 5'' and insert ``section 
     104''.
       Page 8, line 2, strike ``section 4'' and insert ``section 
     103''.
       Page 8, line 7, strike ``section 5'' and insert ``section 
     104''.
       Page 8, line 9, strike ``7'' and insert ``106''.
       Page 8, line 10, strike ``Act'' and insert ``title''.

                               H.R. 3822

                       Offered By: Mr. Traficant

       Amendment No. 21: Page 8, after line 2, insert the 
     following new section:

     SEC. 7. CIVIL PENALTY FOR UNREASONABLE PRICE INCREASE FOR 
                   CRUDE OIL, RESIDUAL FUEL OIL, OR REFINED 
                   PETROLEUM PRODUCTS.

       (a) In General.--Not later than 3 months after the date of 
     enactment of this Act, the Secretary of Energy shall issue 
     regulations that--
       (1) apply to all crude oil, residual fuel oil, or refined 
     petroleum products that are sold in the United States;
       (2) prohibit any unreasonable price increase for such 
     products by an energy-producing company (as defined in 
     section 205(h)(6) of the Department of Energy Organization 
     Act (42 U.S.C. 7135(h)(6))); and
       (3) impose a civil penalty of not more than $100,000,000 
     for each unreasonable price increase.
       (b) Unreasonable Price Increase Defined.--For purposes of 
     this section, the term ``unreasonable price increase'' means 
     any price increase that exceeds any concurrent increase in 
     the production or operation costs of the energy-producing 
     company that are directly related to the products being sold.
       (c) Determination of Unreasonable Price Increase.--The 
     Administrator of the Energy Information Administration shall 
     determine at least annually whether any energy-producing 
     company has implemented an unreasonable price increase in 
     violation of regulations issued under subsection (a).
       Page 8, line 3, redesignate section 7 as section 8.

                               H.R. 3822

                       Offered By: Mr. Traficant

       Amendment No. 22: Page 8, after line 8, insert the 
     following new section:

     SEC. 7. CIVIL PENALTY FOR UNREASONABLE PRICE INCREASE FOR 
                   CRUDE OIL, RESIDUAL FUEL OIL, OR REFINED 
                   PETROLEUM PRODUCTS.

       (a) In General.--Not later than 3 months after the date of 
     enactment of this Act, the Secretary of Energy shall issue 
     regulations that--
       (1) apply to all crude oil, residual fuel oil, or refined 
     petroleum products that are sold in the United States;
       (2) prohibit any unreasonable price increase for such 
     products by an energy-producing company (as defined in 
     section 205(h)(6) of the Department of Energy Organization 
     Act (42 U.S.C. 7135(h)(6))); and
       (3) impose a civil penalty of not more than $100,000,000 
     for each unreasonable price increase.
       (b) Unreasonable Price Increase Defined.--For purposes of 
     this section, the term ``unreasonable price increase'' means

[[Page H1173]]

     any price increase that exceeds any concurrent increase in 
     the production or operation costs of the energy-producing 
     company that are directly related to the products being sold.
       (c) Determination of Unreasonable Price Increase.--The 
     Administrator of the Energy Information Administration shall 
     determine at least annually whether any energy-producing 
     company has implemented an unreasonable price increase in 
     violation of regulations issued under subsection (a).
       Page 8, line 9, redesignate section 7 as section 8.

                               H.R. 3822

                       Offered By: Mr. Traficant

       Amendment No. 23: Page 8, after line 8, insert the 
     following new section:

     SEC. 7. CIVIL PENALTY FOR UNREASONABLE PRICE INCREASE FOR 
                   CRUDE OIL, RESIDUAL FUEL OIL, OR REFINED 
                   PETROLEUM PRODUCTS.

       (a) In General.--Not later than 3 months after the date of 
     enactment of this Act, the Secretary of Energy shall issue 
     regulations that--
       (1) apply to all crude oil, residual fuel oil, or refined 
     petroleum products that are sold in the United States;
       (2) prohibit any unreasonable price increase for such 
     products by an energy-producing company (as defined in 
     section 205(h)(6) of the Department of Energy Organization 
     Act (42 U.S.C. 7135(h)(6))); and
       (3) impose a civil penalty of not more than $100,000,000 
     for each unreasonable price increase.
       (b) Unreasonable Price Increase Defined.--For purposes of 
     this section, the term ``unreasonable price increase'' means 
     any price increase that exceeds any concurrent increase in 
     the production or operation costs of the energy-producing 
     company that are directly related to the products being sold.
       (c) Determination of Unreasonable Price Increase.--The 
     Administrator of the Energy Information Administration shall 
     determine at least annually whether any energy-producing 
     company has implemented an unreasonable price increase in 
     violation of regulations issued under subsection (a).
       Page 8, line 9, redesignate section 7 as section 8.

                                S. 1287

                       Offered By: Mr. Traficant

       Amendment No. 1: At the end of the bill, add the following 
     new section:
       Sec.   . No foreign nuclear waste shall be allowed to enter 
     the United States or to be deposited or stored in, on, or 
     under the soil or waters of the United States.