Comparison of the Estimated Revenue Effects of Division D of H.R. 6, the "Energy Tax Policy Act of 2003" as Passed by the House of Representatives, and S. 1149, the "Energy Tax Incentives Act of 2003," as Reported by the Senate Committee on Finance and Modified by Senate Amendment

Comparison of the Estimated Revenue Effects of Division D of H.R. 6, the Author: United States. Congress. Joint Committee on Taxation
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Category : Energy tax credits
Languages : en
Pages : 5

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Comparison of the Estimated Budget Effects of Division D of H.R. 6, the "Energy Tax Policy Act of 2003," As Passed by the House of Representatives and S. 1149, the "Energy Tax Incentives Act of 2003," As Reported by the Senate Committee on Finance and Modified by Proposed Senate Amendment

Comparison of the Estimated Budget Effects of Division D of H.R. 6, the Author: United States. Congress. Joint Committee on Taxation
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ISBN:
Category : Energy tax credits
Languages : en
Pages : 5

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Considers H.R. 6, S. 1149.

Comparison of Division D of H.R. 6, the "Energy Tax Policy Act of 2003" as Passed by the House of Representatives, and S. 1149, the "Energy Tax Incentives Act of 2003," as Reported by the Senate Committee on Finance and Proposed to be Modified by Senate Amendment

Comparison of Division D of H.R. 6, the Author:
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Category : Energy tax credits
Languages : en
Pages :

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Considers H.R. 6, S. 1149.

Legislative Calendar

Legislative Calendar PDF Author: United States. Congress. Senate. Committee on Finance
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Category :
Languages : en
Pages : 216

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Energy Tax Incentives in H.R. 6

Energy Tax Incentives in H.R. 6 PDF Author:
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Category :
Languages : en
Pages : 0

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The 108th Congress is considering three bills to provide tax incentives to increase the supply of, and reduce the demand for, fossil fuels and electricity: the House version of H.R. 6, introduced as H.R. 1531 and approved by the House by a vote of 247-175 on April 11, 2003; the Senate version of H.R. 6, passed by the Senate on July 31, which is the same as the energy bill H.R. 4 approved by the Senate in 2002; and S.Amdt. 1424, a Senate Finance Committee (SFC) amendment to H.R. 6 that is a slightly modified version of S. 1149, the Energy Tax Incentives Act of 2003 approved by the SFC on May 23, 2003. Each of the three bills provides a ten-year tax cut of about $18 billion, although the mix of energy tax incentives differs. H.R. 6 as passed by the House provides about $18.2 billion of energy tax incentives and includes just under $0.1 billion ($100 million) of non-energy tax increases, or offsets. The apportionment of tax savings in the House-passed H.R. 6 among the three categories -- fossil fuels, energy efficiency, and alternative/renewable fuels -- is the same as the House bill in the last Congress (H.R. 4), but the absolute amounts of dollar cuts are much smaller. The Senate version of H.R. 6 is the same as the Senate version of H.R. 4, the omnibus energy measure approved by the Senate in 2002, but on which no conference agreement was reached. This version of H.R. 6 included about $13.2 billion in energy tax incentives over ten years, plus an additional $5.1 billion in energy tax cuts (or revenue losses) due to mandates that would have further reduced energy tax receipts: the renewable portfolio standard and the renewable fuels standard. S. 1149, which was approved by the Senate Finance Committee on April 2, 2003, but not included in the Senate version of H.R. 6, would provide about $19.5 billion in energy tax cuts, offset by about $5 billion of non-energy tax increases -- additional curbs on corporate tax shelters, limits on corporate and individual expatriates, and an extension of Internal Revenue Service user fees. Thus the net, ten-year tax cut under S. 1149 would be just over $14.6 billion. In general, the House version of H.R. 6 confers a larger tax cut, in both absolute and relative terms, for fossil fuels production -- particularly the oil and gas industry -- and for electricity restructuring (or the production of electricity), and a smaller tax cut for energy efficiency and renewable/alternative fuels development than the other two bills. Also, the downstream tax incentives for oil and gas refining, distribution, and transportation are both absolutely and relatively larger in the House bill than in either of the other two bills. In contrast, the Senate bills are absolutely and relatively more generous to renewable and alternative fuels. The Senate bills also include substantial new tax breaks for investment in clean-coal technologies and for the generation of electricity from these technologies; the House version of H.R. 6 includes no incentives for clean coal technologies -- these were dropped from the 2002 bill. Finally, with regard to ethanol fuel, the House version of H.R. 6 has no additional incentives for that renewable transportation fuel, while the other two bills would expand existing tax incentives.

CIS Annual

CIS Annual PDF Author:
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Category : Government publications
Languages : en
Pages : 496

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Comparison of the Estimated Budget Effects of Division C of H.R. 4, the "Energy Tax Policy Act of 2001," as Passed by the House of Representatives and Division H of H.R. 4, the "Energy Tax Incentives Act of 2002," as Amended by the Senate

Comparison of the Estimated Budget Effects of Division C of H.R. 4, the Author: United States. Congress. Joint Committee on Taxation
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Category : Energy tax credits
Languages : en
Pages : 5

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Comparison of the Estimated Budget Effects of Division C. of H.R. 4, the "Energy Tax Policy Act of 2001" As Passed by the House of Representatives and Division H. of H.R. 4, the "Energy Tax Incentives Act of 2002" and Certain Mandates, As Amended by the Senate

Comparison of the Estimated Budget Effects of Division C. of H.R. 4, the Author: United States. Congress. Joint Committee on Taxation
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Category : Energy tax credits
Languages : en
Pages : 5

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Estimated Revenue Effects of Division H of H.R. 4, the "Energy Tax Incentives Act of 2002" and Certain Mandates, as Amended by the Senate

Estimated Revenue Effects of Division H of H.R. 4, the Author: United States. Congress. Joint Committee on Taxation
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ISBN:
Category : Energy tax credits
Languages : en
Pages : 4

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Energy Tax Incentives in the 108th Congress

Energy Tax Incentives in the 108th Congress PDF Author: Salvatore Lazzari
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Languages : en
Pages :

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This report discusses energy taxes incentives, which have long been an integral component of this nation’s energy policy. Efforts to significantly expand existing energy tax subsidies have been undertaken since the 106th Congress, but controversy over various non-tax energy policy provisions — corporate average fuel economy standards, the Alaskan National Wildlife Refuge, etc. — have helped stall the legislation.