American Energy Innovation Act

50, Seventy-ninth 
        Congress. Such regulations shall also grant the option to 
        deduct as expenses intangible drilling and development costs in 
        the case of wells drilled for any geothermal deposit (as 
        defined in section 613(e)(2)) to the same extent and in the 
        same manner as such expenses are deductible in the case of oil 
        and gas wells. This subsection shall not apply with respect to 
        any costs to which any deduction is allowed under section 59(e) 
        or 291.
            ``(2) Exclusion.--
                    ``(A) In general.--This subsection shall not apply 
                to amounts paid or incurred by a taxpayer in any 
                taxable year in which such taxpayer is a major 
                integrated oil company (within the meaning of section 
                167(h)(5)).
                    ``(B) Amortization of amounts not allowable as 
                deductions under subparagraph (a).--The amount not 
                allowable as a deduction for any taxable year by reason 
                of subparagraph (A) shall be allowable as a deduction 
                ratably over the 60-month period beginning with the 
                month in which the costs are paid or incurred. For 
                purposes of section 1254, any deduction under this 
                subparagraph shall be treated as a deduction under this 
                subsection.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to amounts paid or incurred in taxable years beginning after December 
31, 2015.

SEC. 5064. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS 
              WELLS.

    (a) In General.--Section 613A is amended by adding at the end the 
following new subsection:
    ``(f) Application With Respect to Major Integrated Oil Companies.--
In the case of any taxable year in which the taxpayer is a major 
integrated oil company (within the meaning of section 167(h)(5)), the 
allowance for percentage depletion shall be zero.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2015.

SEC. 5065. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.

    (a) In General.--Section 193 is amended by adding at the end the 
following new subsection:
    ``(d) Application With Respect to Major Integrated Oil Companies.--
            ``(1) In general.--This section shall not apply to amounts 
        paid or incurred by a taxpayer in any taxable year in which 
        such taxpayer is a major integrated oil company (within the 
        meaning of section 167(h)(5)).
            ``(2) Amortization of amounts not allowable as deductions 
        under paragraph (1).--The amount not allowable as a deduction 
        for any taxable year by reason of paragraph (1) shall be 
        allowable as a deduction ratably over the 60-month period 
        beginning with the month in which the costs are paid or 
        incurred.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to amounts paid or incurred in taxable years beginning after December 
31, 2015.

                 TITLE VI--CONSERVATION REAUTHORIZATION

SEC. 6001. NATIONAL PARK SERVICE CENTENNIAL FUND.

    (a) In General.--Chapter 1049 of title 54, United States Code, is 
amended by adding at the end the following:
``Sec. 104908. National Park Service Centennial Fund
    ``(a) In General.--There is established in the Treasury a fund, to 
be known as the `National Park Service Centennial Fund' (referred to in 
this section as the `Fund').
    ``(b) Deposits to Fund.--Notwithstanding any provision of law 
providing that the proceeds shall be credited to miscellaneous receipts 
of the Treasury, for each fiscal year, there shall be deposited in the 
Fund, from revenues due and payable to the United States under section 
9 of the Outer Continental Shelf Lands Act (43 U.S.C. 1338), 
$150,000,000.
    ``(c) Availability.--Amounts deposited in the Fund shall be made 
available for expenditure, without further appropriation or fiscal year 
limitation, in accordance with this section.
    ``(d) Use of Fund.--The Secretary shall use amounts in the Fund for 
critical National Park System maintenance and infrastructure needs and 
other projects and programs that will better enable the National Park 
Service to protect park resources and provide improved visitor 
services.
    ``(e) Land Acquisition Prohibition.--Amounts in the Fund shall not 
be used for land acquisition.''.
    (b) Clerical Amendment.--The table of sections for chapter 1049 of 
title 54, United States Code, is amended by inserting after the item 
relating to section 104907 the following:

``Sec. 104908. National Park Service Centennial Fund.''.

SEC. 6002. LAND AND WATER CONSERVATION FUND.

    (a) Permanent Authorization.--Section 200302 of title 54, United 
States Code, is amended--
            (1) in subsection (b), in the matter preceding paragraph 
        (1), by striking ``During the period ending September 30, 2015, 
        there'' and inserting ``There''; and
            (2) in subsection (c)--
                    (A) in paragraph (1), by striking ``through 
                September 30, 2015''; and
            (3) by striking paragraph (3).
    (b) Full Funding.--Section 200303 of title 54, United States Code, 
is amended to read as follows:
``Sec. 200303. Availability of funds
    ``(a) In General.--Amounts deposited in the Fund under section 
200302 on or after the date of enactment of the American Energy 
Innovation Act shall be made available for expenditure, without further 
appropriation or fiscal year limitation, to carry out the purposes of 
the Fund (including accounts and programs made available from the Fund 
under the Consolidated and Further Continuing Appropriations Act, 2015 
(Public Law 113-235)).
    ``(b) Additional Amounts.--Amounts made available under subsection 
(a) shall be in addition to amounts made available to the Fund under 
section 105 of the Gulf of Mexico Energy Security Act of 2006 (43 
U.S.C. 1331 note; Public Law 109-432) or otherwise appropriated from 
the Fund.
    ``(c) Allocation Authority.--
            ``(1) Submission of cost estimates.--The President shall 
        submit to Congress detailed account, program, and project 
        allocations to be funded under subsection (a) as part of the 
        annual budget submission of the President.
            ``(2) Alternate allocation.--
                    ``(A) In general.--Appropriations Acts may provide 
                for alternate allocation of amounts made available 
                under subsection (a), including allocations by account 
                and program.
                    ``(B) Allocation by president.--
                            ``(i) No alternate allocations.--If 
                        Congress has not enacted legislation 
                        establishing alternate allocations by the date 
                        that is 120 days after the date on which the 
                        applicable fiscal year begins, amounts made 
                        available under subsection (a) shall be 
                        allocated by the President.
                            ``(ii) Insufficient alternate allocation.--
                        If Congress enacts legislation establishing 
                        alternate allocations for amounts made 
                        available under subsection (a) that are less 
                        than the full amount appropriated under that 
                        subsection, the difference between the amount 
                        appropriated and the alternate allocation shall 
                        be allocated by the President.
            ``(3) Annual report.--The President shall submit to 
        Congress an annual report that describes the final allocation 
        by account, program, and project of amounts made available 
        under subsection (a), including a description of the status of 
        obligations and expenditures.''.
    (c) Clerical Amendment.--The table of sections for title 54 is 
amended by striking the item relating to section 200303 and inserting 
the following:

``Sec. 200303. Availability of funds.''.
    (d) Public Access.--Section 200306 of title 54, United States Code, 
is amended by adding at the end the following:
    ``(c) Public Access.--Not less than 1.5 percent of the annual 
authorized funding amount shall be made available each year for 
projects that secure recreational public access to existing Federal 
public land for hunting, fishing, or other recreational purposes.''.

SEC. 6003. HISTORIC PRESERVATION FUND.

    (a) Authorization.--Section 303102 of title 54, United States Code, 
is amended by striking ``of fiscal years 2012 to 2015'' and inserting 
``fiscal year''.
    (b) Use and Availability.--Section 303103 of title 54, United 
States Code, is amended by striking the first sentence and inserting 
the following: ``Amounts deposited in the Historic Preservation Fund on 
or after the date of enactment of the American Energy Innovation Act 
shall only be used to carry out this division and shall be available 
for expenditure without further appropriation.''.
                                                       

Summary: American Energy Innovation Act This bill encourages and establishes requirements concerning: energy efficiency in the electricity grid, the manufacturing sector, certain vehicles and trucks, buildings, homes, and the federal government, protection of the bulk-power system from cybersecurity threats. The security and resiliency of the energy network and applications, including electric, natural gas, and oil exploration, transmission, and delivery. The modernization of energy infrastructure at the federal and state level, the development or deployment of alternative energies. And water conservation measures. The bill establishes: (1) a nonbinding goal to reduce greenhouse gas emissions 2 per year on average through 2025, and (2) a federal energy efficiency resource standard for retail electricity and natural gas suppliers. The bill repeals royalty relief for leases in the Outer Continental Shelf with respect to the production of oil or gas from deep water production or ultra deep wells in shallow waters. The Department of Interior must: (1) prevent venting and flaring of gases in oil and natural gas production operations on federal land, and (2) promote the capture of beneficial use or reinjection of gas in those operations. Interior must establish an annual production incentive fee with respect to public land that is subject to a lease for production of oil or natural gas under which production is not occurring. The bill reauthorizes through FY2020 the Department of Energy's: (1) Weatherization Assistance Program, (2) State Energy Program, (3) basic research, and (4) the Advanced Research Projects Agency-Energy. The bill also revises and reauthorizes the Water Desalination Act of 1996. The bill amends the Internal Revenue Code to: (1) provide tax incentives for producing clean energy and for reducing energy use in homes or commercial buildings, (2) extend through 2017 energy-related tax credits, (3) subject oil derived from tar sands to an excise tax, and (4) repeal certain oil and gas tax subsidies for major integrated oil companies. The bill: (1) establishes the National Park Service Centennial Fund, and (2) permanently reauthorizes the Land and Water Conservation Fund and the Historic Preservation Fund.