[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4108 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 4108
To amend the Internal Revenue Code of 1986 to increase and extend the
credit for qualifying advanced energy projects, and for other purposes.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Clean Energy Jobs Act of 2012''.
TITLE I--INCREASE AND EXTENSION OF CREDIT FOR QUALIFYING ADVANCED
ENERGY PROJECTS
SEC. 101. INCREASE AND EXTENSION OF CREDIT FOR QUALIFYING ADVANCED
ENERGY PROJECTS.
(a) 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:
``(6) Additional 2012 allocations.--
``(A) 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.
``(B) Limitation.--The total amount of credits that
may be allocated under the program described in
subparagraph (A) shall not exceed $5,000,000,000.
``(C) 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.''.
(b) Effective Date.--The amendment made by this section shall take
effect on the date of the enactment of this Act.
TITLE II--REVENUE OFFSETS
Subtitle A--Close Big Oil Tax Loopholes
SEC. 201. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO MAJOR
INTEGRATED OIL COMPANIES WHICH ARE DUAL CAPACITY
TAXPAYERS.
(a) 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:
``(n) Special Rules Relating to Major Integrated Oil Companies
Which Are Dual Capacity Taxpayers.--
``(1) 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--
``(A) if, for such period, the foreign country or
possession does not impose a generally applicable
income tax, or
``(B) to the extent such amount exceeds the amount
(determined in accordance with regulations) which--
``(i) is paid by such dual capacity
taxpayer pursuant to the generally applicable
income tax imposed by the country or
possession, or
``(ii) would be paid if the generally
applicable income tax imposed by the country or
possession were applicable to such dual
capacity taxpayer.
Nothing in this paragraph shall be construed to imply the
proper treatment of any such amount not in excess of the amount
determined under subparagraph (B).
``(2) 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--
``(A) is subject to a levy of such country or
possession, and
``(B) receives (or will receive) directly or
indirectly a specific economic benefit (as determined
in accordance with regulations) from such country or
possession.
``(3) Generally applicable income tax.--For purposes of
this subsection--
``(A) 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.
``(B) Exceptions.--Such term shall not include a
tax unless it has substantial application, by its terms
and in practice, to--
``(i) persons who are not dual capacity
taxpayers, and
``(ii) persons who are citizens or
residents of the foreign country or
possession.''.
(b) Effective Date.--
(1) 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.
(2) 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.
SEC. 202. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL,
NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
(a) 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:
``(E) 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.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2011.
SEC. 203. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND
DEVELOPMENT COSTS.
(a) 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)).''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2011.
SEC. 204. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS
WELLS.
(a) In General.--Section 613A of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(f) 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.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2011.
SEC. 205. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.
(a) In General.--Section 193 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(d) 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)).''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred in taxable years beginning after December
31, 2011.
Subtitle B--Outer Continental Shelf Oil and Natural Gas
SEC. 211. REPEAL OF OUTER CONTINENTAL SHELF DEEP WATER AND DEEP GAS
ROYALTY RELIEF.
(a) In General.--Sections 344 and 345 of the Energy Policy Act of
2005 (42 U.S.C. 15904, 15905) are repealed.
(b) 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.
Subtitle C--Miscellaneous
SEC. 221. 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.
SEC. 222. 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.
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