[Congressional Record Volume 146, Number 96 (Friday, July 21, 2000)]
[Senate]
[Pages S7448-S7449]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BINGAMAN (for himself, Mr. Daschle, Mr. Baucus, Mr. Byrd, 
        Mr. Bayh, Mr. Levin, Mr. Rockefeller, and Mr. Johnson):
  S. 2904. A bill to amend the Internal Revenue Code of 1986 to provide 
tax incentives to encourage the production and use of efficient energy 
sources, and for other purposes; to the Committee on Finance


             the energy security tax and policy act of 2000

  Mr. BINGAMAN. Mr. President, I rise today to introduce a bill, on 
behalf of myself and Senators Daschle, Byrd, Baucus, Bayh, Johnson, 
Levin, and Rockefeller, that offers a comprehensive approach to energy 
policy. This bill, the Energy Security Tax and Policy Act of 2000, 
incorporates many of the provisions of S. 1833, a comprehensive package 
of broad energy tax incentives introduced by Senator Daschle last year 
that I cosponsored along with a number of other Democratic Senators. We 
have updated and modified the bill after having worked closely with 
many stakeholders, from the auto

[[Page S7449]]

manufacturers, to the oil and gas producers, to the energy efficiency 
community.
  The Energy Security Tax and Policy Act of 2000 addresses a broad 
range of technologies and industries necessary to meet our energy 
needs. The bill includes incentives to ensure we maintain production of 
our domestic resources, but the overarching emphasis is on stimulating 
more efficient use of energy in its many forms. Specific incentives 
address:
  Purchase of more efficient appliances, homes, and commercial 
buildings.
  Greater use of distributed generation--fuel cells, microturbines, 
combined heat and power systems and renewables.
  Purchase of hybrid and alternative fueled vehicles and development of 
the infrastructure to service those vehicles.
  Investment in clean coal technologies and generation of electricity 
from biomass, including co-firing with coal.
  Countercyclical tax incentives for production from domestic oil and 
gas marginal wells.
  Provisions to ensure diverse sources of electric supply are developed 
in the U.S. and to continue our investment in demand side management.
  In addition, the bill reauthorizes the President's emergency energy 
authorities, including establishing a northeastern heating oil reserve.
  We have tried to take a balanced approach, both supply side and 
demand side. Many of the provisions in this bill have strong bipartisan 
support, and I believe would receive the support of the White House as 
part of a comprehensive package.
  After my 17 years in the Senate and on the Energy Committee, I have 
to note that the same issues have been with us in varying degrees for 
years. Our current energy situation is the result of the policies and 
decisions of many Administrations, Congresses, companies and 
individuals, not to mention the vagaries of the marketplace.
  Finding solutions will take serious bipartisan effort and long term 
commitment. While we have the attention of the Congress, the White 
House and the public, I hope we can work together in the remaining days 
of this Congress to enact as many of these measures as possible to 
protect our energy security and our economy.
                                 ______