Official Summary

5/22/2008--Introduced.Renewable Investment and Consumer Protection Act - Establishes in the Treasury a Clean Energy Fund, to which shall be appropriated an amount equivalent to the increase in revenues resulting from a tax imposed on each repurchase of outstanding shares of stock by a majo

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Official Summary

5/22/2008--Introduced.
Renewable Investment and Consumer Protection Act - Establishes in the Treasury a Clean Energy Fund, to which shall be appropriated an amount equivalent to the increase in revenues resulting from a tax imposed on each repurchase of outstanding shares of stock by a major integrated oil company pursuant to a stock buyback program.
Appropriates amounts in the fund as follows:
(1) 60% to offset the cost of subsequent legislation to accelerate the use of clean domestic renewable energy resources and alternative fuels, promote energy efficiency and conservation, and increase research, development, and deployment of clean renewable energy and energy efficiency technologies; and
(2) 40% for carrying out the Low-Income Home Energy Assistance program.
Amends the Internal Revenue Code to impose the oil company stock repurchase transaction tax.


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