H.R.5653 - Investment in Energy Independence Act of 2006

To amend the Internal Revenue Code of 1986 to promote investment in energy independence through coal to liquid technology, biomass, and oil shale. view all titles (2)

All Bill Titles

  • Short: Investment in Energy Independence Act of 2006 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to promote investment in energy independence through coal to liquid technology, biomass, and oil shale. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
06/20/06
 
 
 
 
 
 
 

Official Summary

Investment in Energy Independence Act of 2006 - Amends the Internal Revenue Code to: (1) allow a tax credit for investment in coal-to-liquid fuels projects; (2) allow a taxpayer election to expense the cost of coal-to-liquid fuels process property and coal-fired facilities for the productio

Official Summary

Investment in Energy Independence Act of 2006 - Amends the Internal Revenue Code to:
(1) allow a tax credit for investment in coal-to-liquid fuels projects;
(2) allow a taxpayer election to expense the cost of coal-to-liquid fuels process property and coal-fired facilities for the production of ethanol placed in service before 2016;
(3) extend the election to expense oil and alternative fuel refineries until 2016;
(4) include liquid fuel derived from oil shale extracted in the United States as an alternative fuel for excise tax purposes;
(5) extend the excise tax credit for alternative fuels through FY2020; and
(6) allow a 50% tax credit for enhanced oil recovery projects using qualified carbon dioxide.

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