S.329 - Sustainable Energy Act

A bill to eliminate certain fuel subsidies and to amend the Internal Revenue Code of 1986 to extend certain energy tax incentives. view all titles (2)

All Bill Titles

  • Official: A bill to eliminate certain fuel subsidies and to amend the Internal Revenue Code of 1986 to extend certain energy tax incentives. as introduced.
  • Short: Sustainable Energy Act as introduced.

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  • Past Seven Days: 2
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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/14/13
 
 
 
 
 
 
 

Official Summary

Sustainable Energy Act - Amends the Outer Continental Shelf Lands Act and the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to reduce or eliminate royalty payments for oil and natural gas leases in the Outer Continental Shelf. Amends the Mineral Leasin

Official Summary

Sustainable Energy Act - Amends the Outer Continental Shelf Lands Act and the Energy Policy Act of 2005 to repeal the authority of the Secretary of the Interior to reduce or eliminate royalty payments for oil and natural gas leases in the Outer Continental Shelf. Amends the Mineral Leasing Act to increase minimum royalty payments for coal, oil, and natural gas leases. Repeals the program for ultra-deepwater and unconventional natural gas and other petroleum resource exploration and production. Amends the Oil Pollution Act to eliminate the limitation on liability for offshore facilities and pipeline operators for oil spills. Rescinds all unobligated balances made available to the World Bank, the Overseas Private Investment Corporation (OPIC), the Export-Import Bank, the Advanced Research Projects Agency in the Department of Defense (DOD), and other international financing entities to carry out any project that supports coal, oil, or natural gas. Terminates the Office of Fossil Energy Research and Development in the Department of Energy (DOE) and the authority to carry out any of its programs. Amends the Energy Policy Act of 2005 to eliminate from the categories of projects eligible for loan guarantees for innovative technologies:
(1) projects involving advanced fossil energy technology, and
(2) and crude oil refineries. Prohibits the Secretary of Agriculture from making loans under the Rural Electrification Act of 1936 to carry out projects that will use coal, oil, or natural gas. Prohibits the use of Department of Transportation (DOT) funds to award any grant or other direct assistance to any rail or port project that transports coal, oil, or natural gas. Amends the Internal Revenue Code to:
(1) limit or repeal provisions allowing tax incentives for investment in fossil fuels;
(2) extend, through 2020, tax incentives for the production of electricity from renewable resources and the energy tax credit for alternative energy sources; and
(3) extend, for a five-year period, allocations of the advanced energy project tax credit. Increases the Oil Spill Liability Trust Fund financing rate. Imposes a 13% tax on the removal price of any taxable crude oil or natural gas from the Outer Continental Shelf in the Gulf of Mexico. Designates the Powder River Basin in southeast Montana and northeast Wyoming as a coal producing region. Eliminates accelerated depreciation for property that is receiving a subsidy for fossil fuel production.

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