H.R. 196

Renewable Fuels and Energy Independence Promotion Act of 2007

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I

110th CONGRESS

1st Session

H. R. 196

IN THE HOUSE OF REPRESENTATIVES

January 4, 2007

Mr. Pomeroy (for himself and Mr. Hulshof) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to make permanent certain tax incentives for ethanol and biodiesel used as a fuel, and for other purposes.

1.

Short title

This Act may be cited as the Renewable Fuels and Energy Independence Promotion Act of 2007.

2.

Credits for alcohol and biodiesel used as a fuel made permanent

(a)

Income tax

(1)

Alcohol

Section 40 of the Internal Revenue Code of 1986 (relating to alcohol used as a fuel) is amended by striking subsection (e).

(2)

Biodiesel

Section 40A of such Code (relating to biodiesel and renewable diesel used as fuel) is amended by striking subsection (g).

(b)

Excise tax

(1)

Alcohol mixture used as a fuel

Subsection (b) of section 6426 of such Code (relating to alcohol fuel mixture credit) is amended by striking paragraph (5).

(2)

Biodiesel mixture used as a fuel

Subsection (c) of section 6426 of such Code (relating to biodiesel mixture credit) is amended by striking paragraph (6).

(3)

Alcohol and biodiesel mixtures not used for taxable purposes

Paragraph (5) of section 6427(e) of such Code is amended—

(A)

by striking subparagraphs (A) and (B),

(B)

by redesignating subparagraphs (C) and (D) as subparagraphs (A) and (B), respectively, and

(C)

in subparagraph (A), as so redesignated, by striking subparagraph (D) and inserting subparagraph (B).

3.

Ethanol tariff schedule

Headings 9901.00.50 and 9901.00.52 of the Harmonized Tariff Schedule of the United States are each amended in the effective period column by striking the text and inserting On and after the date of the enactment of the Renewable Fuels and Energy Independence Promotion Act of 2007.