An amendment to add a new section providing for an increase in per gallon rates for biodiesel credit.
What it does: Adds SECTION 7. INCREASE IN PER GALLON RATE FOR BIODIESEL CREDIT at the end of the bill
Rep. Michael C. Burgess (R-TX)Description
Amendment sought to add a new section providing for an increase in per gallon rates for biodiesel credit.
What it changes
1 change to H.R. 547
We couldn't match these changes to the text of H.R. 547, so they're shown as written.
Adds SECTION 7. INCREASE IN PER GALLON RATE FOR BIODIESEL CREDIT at the end of the bill
Adds a sectionInserted: SECTION 7. INCREASE IN PER GALLON RATE FOR BIODIESEL CREDIT.
Inserted: (a) Income Tax Credit.--Paragraphs (1)(A) and (2)(A) of section 40A(b) of the Internal Revenue Code of 1986 (defining biodiesel mixture credit and biodiesel credit) are both amended by striking "50 cents" and inserting "$1.00".
Inserted: (b) Excise Tax Credit.--Paragraph (2) of section 6426(c) of such Code (relating to biodiesel mixture credit) is amended to read as follows:
Inserted: "(2) Applicable amount.--The applicable amount is $1.00.".
Inserted: (c) Conforming Amendments.--
Inserted: (1) Section 40A(b) of such Code is amended by striking paragraph (3) and redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.
Inserted: (2) Section 40A(d)(3)(C)(ii) of such Code is amended by striking "subsection (b)(5)(B)" and inserting "subsection (b)(4)(B)".
Inserted: (3) Paragraphs (2) and (3) of section 40A(e) of such Code are both amended by striking "subsection (b)(5)(C)" and inserting "subsection (b)(4)(C)".
Inserted: (4) Section 40A(f)(2) of such Code is amended to read as follows:
Inserted: "(2) Exception.--Subsection(b)(4) shall not apply with respect to renewable diesel.".
Inserted: (d) Effective Dates.--
Inserted: (1) In general.--Except as provided by paragraph (2), the amendments made by this section shall apply with respect to fuel sold or used in taxable years beginning after the date of the enactment of this Act.
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Inserted: (2) Excise tax.--The amendment made by subsection (b) shall apply with respect to any sale, use, or removal after the date of the enactment of this Act.
Original wording
Add at the end the following new section:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
Add at the end the following new section:
SECTION 7. INCREASE IN PER GALLON RATE FOR BIODIESEL CREDIT.
(a) Income Tax Credit.--Paragraphs (1)(A) and (2)(A) of section 40A(b) of the Internal Revenue Code of 1986 (defining biodiesel mixture credit and biodiesel credit) are both amended by striking “50 cents” and inserting “$1.00”.
(b) Excise Tax Credit.--Paragraph (2) of section 6426(c) of such Code (relating to biodiesel mixture credit) is amended to read as follows:
“(2) Applicable amount.--The applicable amount is $1.00.”.
(c) Conforming Amendments.--
(1) Section 40A(b) of such Code is amended by striking paragraph (3) and redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.
(2) Section 40A(d)(3)(C)(ii) of such Code is amended by striking “subsection (b)(5)(B)” and inserting “subsection (b)(4)(B)”.
(3) Paragraphs (2) and (3) of section 40A(e) of such Code are both amended by striking “subsection (b)(5)(C)” and inserting “subsection (b)(4)(C)”.
(4) Section 40A(f)(2) of such Code is amended to read as follows:
“(2) Exception.--Subsection(b)(4) shall not apply with respect to renewable diesel.”.
(d) Effective Dates.--
(1) In general.--Except as provided by paragraph (2), the amendments made by this section shall apply with respect to fuel sold or used in taxable years beginning after the date of the enactment of this Act.
(2) Excise tax.--The amendment made by subsection (b) shall apply with respect to any sale, use, or removal after the date of the enactment of this Act.
Legislative Activity
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House amendment offered
February 8, 2007
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House amendment offered
February 8, 2007
House amendment offered/reported by : Amendment (A009) offered by Mr. Burgess.(consideration: CR H1369-1370; text: CR H1369)
February 8, 2007 • 1:10 PM
Amendment (A009) offered by Mr. Burgess. (consideration: CR H1369-1370; text: CR H1369)
February 8, 2007 • 1:10 PM
Mr. Lampson raised a point of order against the Burgess amendment (A009). Mr. Lampson stated that the provisions of the Burgess amendment are not germane. The Chair sustained the point of order.
February 8, 2007 • 1:15 PM