The easiest way to email your members of CongressDonate Now
H.R.2231 - Ethanol Modernization and Deficit Reduction Act
To amend the Internal Revenue Code of 1986 to terminate the ethanol tax credits, and for other purposes.
Loading Bill Text
Rollover any line of text to comment and/or link to it.
Mrs. NOEM (for herself, Mr. BERG, and Mr. SCHOCK) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on 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 concernedCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. TERMINATION OF ETHANOL TAX CREDITS.
(a) Excise Tax Credit and Direct Payments- Sections 6426(b)(6) and 6427(e)(6)(A) of the Internal Revenue Code of 1986 are each amended by striking ‘December 31, 2011’ and inserting ‘June 30, 2011’.CommentsClose CommentsPermalink
SEC. 3. EXTENSION AND MODIFICATION OF ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY CREDIT.
(a) Extension- Subsection (g) of section 30C of the Internal Revenue Code of 1986 is amended by striking ‘placed in service--’ and all that follows and inserting ‘placed in service after the earlier of December 31, 2016, or the date on which the Secretary certifies that at least 53,000 qualified alternative fuel refueling properties (other than properties described in subsection (c)(2)(C)) have been placed in service.’.CommentsClose CommentsPermalink
‘(i) at least 85 percent of the volume of which consists of one or more of the following: natural gas, compressed natural gas, liquified natural gas, liquefied petroleum gas, or hydrogen, orCommentsClose CommentsPermalink
(c) Credit for Dual-Use Refueling Property- Subsection (e) of section 30C of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘(A) IN GENERAL- In the case of any dual-use refueling property, 100 percent of the cost of such property shall be treated as qualified alternative fuel refueling property if the taxpayer certifies, in such time and manner as the Secretary shall prescribe, that such property will be used in more than a de minimis capacity for the purposes described in section 179A(d)(3)(A) (applied as specified in subsection (c)(2)).CommentsClose CommentsPermalink
‘(B) RECAPTURE- If at any time within 5 years after the date of the certification under subparagraph (A) the dual-use refueling property ceases to be used as required under such subparagraph, 100 percent of the cost of such property shall be subject to recapture under paragraph (5).CommentsClose CommentsPermalink
‘(C) DUAL-USE REFUELING PROPERTY- For purposes of this paragraph, the term ‘dual-use refueling property’ means property that is both qualified alternative fuel vehicle refueling property and property used--CommentsClose CommentsPermalink
SEC. 4. EXTENSION OF CELLULOSIC BIOFUEL PRODUCER CREDIT THROUGH 2014.
SEC. 5. EXTENSION OF SPECIAL DEPRECIATION ALLOWANCE FOR CELLULOSIC BIOFUEL PLANT PROPERTY.
SEC. 6. ALGAE TREATED AS A QUALIFIED FEEDSTOCK FOR PURPOSES OF THE CELLULOSIC BIOFUEL PRODUCER CREDIT, ETC.
(b) Qualified Feedstock; Special Rules for Algae- Paragraph (6) of section 40(b) of the Internal Revenue Code of 1986, as amended by this Act, is amended by redesignating subparagraphs (F) and (G) as subparagraphs (H) and (I), respectively, and by inserting after subparagraph (E) the following new subparagraphs:CommentsClose CommentsPermalink
‘(G) SPECIAL RULES FOR ALGAE- In the case of fuel which is derived by, or from, feedstock described in subparagraph (F)(ii) and which is sold by the taxpayer to another person for refining by such other person into a fuel which meets the requirements of subparagraph (E)(i)(II)--CommentsClose CommentsPermalink
‘(iii) except as provided in this subparagraph, such fuel (and any fuel derived from such fuel) shall not be taken into account under subparagraph (C) with respect to the taxpayer or any other person.’.CommentsClose CommentsPermalink
(1) IN GENERAL- Subparagraph (A) of section 168(l)(2) of the Internal Revenue Code of 1986 is amended by striking ‘solely to produce cellulosic biofuel’ and inserting ‘solely to produce second generation biofuel (as defined in section 40(b)(6)(E))’.CommentsClose CommentsPermalink
SEC. 7. BUDGETARY EFFECTS.
(a) PAYGO Scorecard- The budgetary effects of this Act (and the amendments made by this Act) shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.CommentsClose CommentsPermalink
(b) Senate PAYGO Scorecard- The budgetary effects of this Act (and the amendments made by this Act) shall not be recorded on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).CommentsClose CommentsPermalink