I 

110TH CONGRESS 

1ST SESSION H. R. 498 

To amend the Internal Revenue Code of 1986 to repeal the oil and gas 

tax subsidies enacted in the Energy Policy Act of 2005, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 16, 2007 

Mr. WYNN introduced the following bill; which was referred to the Committee 

on Ways and Means, and in addition to the Committees on Science and 

Technology, Oversight and Government Reform, and Energy and Commerce, 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 concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to repeal 

the oil and gas tax subsidies enacted in the Energy 

Policy Act of 2005, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Energy Policy Rein5 vestment Act of 2007’’. 


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•HR 498 IH

1 SEC. 2. REPEAL OF TAX SUBSIDIES FOR OIL AND GAS EN2 ACTED BY THE ENERGY POLICY ACT OF 2005. 

3 (a) TEMPORARY EXPENSING FOR EQUIPMENT USED

4 IN REFINING OF LIQUID FUELS.— 

5 (1) IN GENERAL.—Section 179C of the Internal 

6 Revenue Code of 1986 is amended by adding at the 

7 end the following new subsection: 

8 ‘‘(i) TERMINATION.—This section shall not apply to 

9 production in taxable years ending after the date of the 

10 enactment of this subsection.’’. 

11 (2) CONFORMING AMENDMENTS.—Paragraph 

12 (1) of section 179C(c) of such Code is amended— 

13 (A) in subparagraph (B) by striking ‘‘and 

14 before January 1, 2012’’, and 

15 (B) by inserting ‘‘and’’ at the end of sub16 paragraph (D), by striking ‘‘, and’’ at the end 

17 of subparagraph (E) and inserting a period, 

18 and by striking subparagraph (F). 

19 (b) NATURAL GAS DISTRIBUTION LINES.—Section 

20 168(e)(3)(E)(viii) of such Code is amended by striking 

21 ‘‘January 1, 2011’’ and inserting ‘‘the date of the enact22 ment of the Energy Policy Reinvestment Act of 2007’’. 

23 (c) NATURAL GAS GATHERING LINES.—Section 

24 168(e)(3)(C)(iv) of such Code is amended by inserting ‘‘, 

25 and before the date of the enactment of the Energy Policy 

26 Reinvestment Act of 2007’’ after ‘‘April 11, 2005’’. 


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•HR 498 IH

1 (d) DETERMINATION OF SMALL REFINER EXCEP2 TION TO OIL DEPLETION DEDUCTION.—Paragraph (4) of 

3 section 613A(d) of such Code is amended to read as fol4 lows: 

5 ‘‘(4) CERTAIN REFINERS EXCLUDED.—If the tax6 payer or a related person engages in the refining of crude 

7 oil, subsection (c) shall not apply to such taxpayer if on 

8 any day during the taxable year the refinery runs of the 

9 taxpayer and such person exceed 50,000 barrels.’’. 

10 (e) AMORTIZATION OF GEOLOGICAL AND GEO11 PHYSICAL EXPENDITURES.—Section 167(h) of such Code 

12 is amended by adding at the end the following new para13 graph: 

14 ‘‘(5) TERMINATION.—This subsection shall not 

15 apply to any expense paid or incurred in any taxable 

16 year ending after the date of the enactment of this 

17 paragraph.’’. 

18 (f) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to taxable years ending after the 

20 date of the enactment of this Act. 

21 SEC. 3. ADVANCEMENT OF HYDROGEN AND FUEL CELL 

22 TECHNOLOGY. 

23 Additional revenues received by the United States as 

24 a result of the amendments made by section 2 shall be 

25 retained in an account in the Treasury and shall be availVerDate Aug 31 2005 00:54 Jan 18, 2007 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H498.IH H498

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•HR 498 IH

1 able, to the extent provided in advance in appropriations 

2 Acts, for— 

3 (1) carrying out hydrogen and fuel cell tech4 nology programs under the authority of the Assist5 ant Secretary for Energy Efficiency and Renewable 

6 Energy of the Department of Energy, with priority 

7 given to programs that have been previously under8 funded; and 

9 (2) carrying out sections 782 and 783 of the 

10 Energy Policy Act of 2005 (42 U.S.C 16122, 

11 16123). 

Æ 


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