H.R.5187 - IMPACT Act of 2012

To amend the Internal Revenue Code of 1986 to provide incentives for clean energy and to repeal fossil fuel subsidies for big oil companies. view all titles (3)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide incentives for clean energy and to repeal fossil fuel subsidies for big oil companies. as introduced.
  • Short: IMPACT Act of 2012 as introduced.
  • Short: Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 3
  • Past Seven Days: 3
  • All-Time: 1,542
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/27/12
 
 
 
 
 
 
 

Official Summary

Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 or the IMPACT Act of 2012 - Amends the Internal Revenue Code, with respect to tax incentives for investment in renewable energy, to: (1) extend through 2020 the date by which wind facilities must be pl

Official Summary

Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 or the IMPACT Act of 2012 - Amends the Internal Revenue Code, with respect to tax incentives for investment in renewable energy, to:
(1) extend through 2020 the date by which wind facilities must be placed in service to qualify for the electricity production tax credit;
(2) extend through 2021 the date by which other specified alternative or renewable energy facilities (i.e., biomass, geothermal or solar energy, landfill gas, qualified hydropower, and marine and hydrokinetic renewable energy facilities) must be placed in service to qualify for the electricity production tax credit; and
(3) extend through 2021 the taxpayer election to treat certain renewable energy facilities used for producing electricity, including offshore wind facilities, as investment properties for purposes of the energy tax credit. Amends the American Recovery and Reinvestment Act of 2009 to extend through 2013 the grant program for investment in renewable energy property in lieu of the tax credits allowed for such property. Increases to $5 billion the limitation on the total amount of credits that may be allocated under the qualifying advanced energy project program. Extends through 2012:
(1) the tax credit for energy-efficient new homes, and
(2) the tax credit for energy-efficient household appliances. Increases or extends tax credits for qualified plug-in electric drive motor vehicles, heavy natural gas vehicles, and alternative fuel vehicle refueling property. Provides for tax-exempt financing of electric, natural gas, and hydrogen vehicle refueling property. Limits or repeals tax incentives for major integrated oil companies, including:
(1) the use of last-in, first-out accounting (LIFO);
(2) the foreign tax credit for such companies that are dual capacity taxpayers;
(3) the tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof;
(4) the tax deduction for intangible drilling and development costs;
(5) percentage depletion for oil and gas wells; and
(6) the tax deduction for tertiary injectant expenditures.

...Read the Rest




Vote on This Bill

100% Users Support Bill

3 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC