Corporate Tax Conference -- Energy Items
October 5, 2004
12:28 PM
Chairman Thomas’s mark for the corporate tax bill conference report includes 15 energy-related items. Last night, the chairman led conferees in a line-by-line walk-through of the revenue tables contained in his 633-page draft. Today, the 41 conferees began laboring through a long list of amendments (including energy amendments). "I am encouraged by the solid starting point on energy in the chairman’s mark," said Sen. Jeff Bingaman, top Democrat on the Energy Committee and a conferee. "I’m hopeful that we can, on a bipartisan basis, work together to improve further the package of energy tax incentives in the final conference report." Here are the energy provisions in the initial chairman’s mark: Title II. Business Tax Incentives -- Section 241. Repeal of 4.3 cent General Fund excise taxes on railroad diesel fuel and inland waterway fuel. Title III. Agriculture Tax Relief and Incentives Provisions -- Section 301. Alcohol and biodiesel tax credit and extension of alcohol fuels income tax credit. -- Section 302. Biodiesel income tax credit. -- Section 313. Allow small ethanol producer cooperatives to pass the small producer credit through to cooperative members. -- Section 321. Distributions from publicly traded partnerships treated as qualified income for regulated investment company. -- Section 328. Expensing of capital cost incurred from production in complying with EPA sulfur regulations for small refiners. -- Section 329. Credit for small refiners for production for diesel fuel in compliance with EPA sulfur regulations for small refiners. Title VII. Miscellaneous Provisions -- Section 701. Qualified green building and sustainable design project bonds ($2 million authority). -- Section 706. Treat certain Alaska pipeline property as 7-year property. -- Section 707. Extension and enhanced oil recovery. -- Section 711. Extension and expansion of section 45 credit for electricity produced from renewable energy. -- Section 712. Allow the section 40 and section 45 credits to be taken against the Alternative Minimum Tax. -- Section 714. Temporary suspension of customs duty on certain ceiling fans. -- Section 715. Temporary suspension of customs duty on certain steam generators. Title VIII. Revenue Provisions -- Section 909. Dispositions of transmission property to implement FERC restructuring policy.
# # #