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Senate Offers Modified Energy Tax Package,
by Mike Godfrey, Tax-News.com, Washington
Thursday, December 13, 2007
Senate Finance Committee Chairman Max Baucus (D-Mont.) and Finance Ranking Member Chuck
Grassley (R-Iowa) have unveiled a modified package of energy tax legislation
for consideration by Congress this year.
The $21.8 billion legislation, similar to a package passed by the House last
week, advances the development of advanced electricity infrastructure, contains
incentives to mitigate carbon emissions, promotes the production of alternative
energy and the security of the domestic fuel supply, supports the use of alternative
vehicles, and encourages energy savings and efficiency. However, the Senators
announced that "modest changes" have been made that should give the
legislation a better chance of passage by the full Senate as
part of the larger energy bill.
Under these changes, repeal of the Section 199 tax deduction for domestic oil
and gas production now applies only to major integrated oil producers, rather
than to all domestic oil and gas producers. This reduces revenue raised by the
provision to $9.4 billion, from the $9.99 billion raised by the original proposal.
A proposal repealing favorable depreciation for natural gas distribution lines
is also eliminated.
“If America’s really going to make a change in terms of energy
policy, encouraging new energy strategies in the tax code must be part and parcel
of that effort. The energy tax package we’re unveiling today in the Senate
is just as strong and just as needed as the legislation passed by the House,”
declared Baucus, adding: “This tax package can help to chart a bold course toward
energy independence for America, and will also eliminate outdated incentives
from the past. Encouraging the development of renewable fuels, rewarding energy
conservation, and requiring responsibility from today’s energy producers
are the right roles for tax policy to play in this country’s energy future.”
“This energy tax package builds on the tremendous legislative gains we’ve
made in recent years to encourage renewable energy, develop domestic energy
supplies and encourage greater conservation and energy efficiency," announced
Grassley. "These tax policy initiatives help to buffer our economic and
national security interests, protect the environment, and create jobs in the
United States. An important component of the Senate version of this legislation
is that it restores the wind-energy tax credit to current law and rolls back
the misdirected limitation on the credit that was in the House bill."
Other modifications to the package, which were made in consultation with Senate
Energy Committee Chairman Jeff Bingaman, who is also a member of the Senate
Finance panel, include: the creation of a new category of tax exempt bonds for
electric transmission facilities; a change of effective date of provision regarding
biodiesel that is imported and sold for export, changed to date of enactment,
rather than retroactive; extension for two years of current refinery expensing
provision, per energy tax legislation approved by Senate Finance Committee in
June; creation of 20% consumer tax credit for conversion of hybrid vehicles
to plug-in hybrids; the addition of a provision repealing suspension of certain
tax penalties and interest; and the addition of option to treat elective deferrals
as after-tax contributions.
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