I
112th CONGRESS
2d Session
H. R. 4108
IN THE HOUSE OF REPRESENTATIVES
February 29, 2012
Ms. Berkley introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Natural Resources and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To amend the Internal Revenue Code of 1986 to increase and extend the credit for qualifying advanced energy projects, and for other purposes.
Short title
This Act may be cited as the
Clean Energy Jobs Act of
2012
.
Increase and extension of credit for qualifying advanced energy projects
Increase and extension of credit for qualifying advanced energy projects
In general
Subsection (d) of section 48C of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Additional 2012 allocations
In general
Not later than 180 days after the date of the enactment of this paragraph, the Secretary, in consultation with the Secretary of Energy, shall establish a program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors with respect to applications received on or after the date of the enactment of this paragraph.
Limitation
The total amount of credits that may be allocated under the program described in subparagraph (A) shall not exceed $5,000,000,000.
Application of certain rules
Rules similar to the rules of paragraphs (2), (3), (4), and (5) shall apply for purposes of the program described in subparagraph (A), except that applicants shall have 2 years from the date that the Secretary establishes such program to submit applications.
.
Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.
Revenue offsets
Close big oil tax loopholes
Modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers
In general
Section 901 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:
Special rules relating to major integrated oil companies which are dual capacity taxpayers
General rule
Notwithstanding any other provision of this chapter, any amount paid or accrued by a dual capacity taxpayer which is a major integrated oil company (as defined in section 167(h)(5)(B)) to a foreign country or possession of the United States for any period shall not be considered a tax—
if, for such period, the foreign country or possession does not impose a generally applicable income tax, or
to the extent such amount exceeds the amount (determined in accordance with regulations) which—
is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession, or
would be paid if the generally applicable income tax imposed by the country or possession were applicable to such dual capacity taxpayer.
Dual capacity taxpayer
For purposes of this subsection, the term dual capacity taxpayer means, with respect to any foreign country or possession of the United States, a person who—
is subject to a levy of such country or possession, and
receives (or will receive) directly or indirectly a specific economic benefit (as determined in accordance with regulations) from such country or possession.
Generally applicable income tax
For purposes of this subsection—
In general
The term generally applicable income tax means an income tax (or a series of income taxes) which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession.
Exceptions
Such term shall not include a tax unless it has substantial application, by its terms and in practice, to—
persons who are not dual capacity taxpayers, and
persons who are citizens or residents of the foreign country or possession.
.
Effective Date
In general
The amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after the date of the enactment of this Act.
Contrary treaty obligations upheld
The amendments made by this section shall not apply to the extent contrary to any treaty obligation of the United States.
Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof
Denial of deduction
Paragraph (4) of section 199(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
Special rule for certain oil and gas income
In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term domestic production gross receipts shall not include gross receipts from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof.
.
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
Limitation on deduction for intangible drilling and development costs
In general
Section 263(c) of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
sentence: This subsection shall not apply to amounts paid or incurred by
a taxpayer in any taxable year in which such taxpayer is a major integrated oil
company (as defined in section 167(h)(5)(B)).
.
Effective date
The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.
Limitation on percentage depletion allowance for oil and gas wells
In general
Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
Application with respect to major integrated oil companies
In the case of any taxable year in which the taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)), the allowance for percentage depletion shall be zero.
.
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
Limitation on deduction for tertiary injectants
In general
Section 193 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
Application with respect to major integrated oil companies
This section shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)).
.
Effective date
The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.
Outer Continental Shelf oil and natural gas
Repeal of outer continental shelf deep water and deep gas royalty relief
In general
Sections 344 and 345 of the Energy Policy Act of 2005 (42 U.S.C. 15904, 15905) are repealed.
Administration
The Secretary of the Interior shall not be required to provide for royalty relief in the lease sale terms beginning with the first lease sale held on or after the date of the enactment of this Act for which a final notice of sale has not been published.
Miscellaneous
Deficit reduction
The net amount of any savings realized as a result of the enactment of this Act and the amendments made by this Act (after any expenditures authorized by this Act and the amendments made by this Act) shall be deposited in the Treasury and used for Federal budget deficit reduction or, if there is no Federal budget deficit, for reducing the Federal debt in such manner as the Secretary of the Treasury considers appropriate.
Budgetary effects
The budgetary effects
of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act
of 2010, shall be determined by reference to the latest statement titled
Budgetary Effects of PAYGO Legislation
for this Act, submitted
for printing in the Congressional Record by the Chairman of the Senate Budget
Committee, provided that such statement has been submitted prior to the vote on
passage.