1, 2014’’ each place it appears and inserting ‘‘January 
1, 2024’’: 
(1) Paragraph (1). 
(2) Clauses (i) and (ii) of paragraph (2)(A). 
(3) Clauses (i)(I) and (ii) of paragraph (3)(A). 
(4) Paragraph (4). 
(5) Paragraph (6). 
(6) Subparagraphs (A) and (C) of paragraph 
(9). 
(7) Subparagraph (B) of paragraph (11). 
(b) EARLY TERMINATION IN EVENT OF FEDERAL 
RENEWABLE ELECTRICITY REQUIREMENT.—Subsection 
(d) of section 45 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new para-
graph: 
‘‘(12) TERMINATION
IN
EVENT
OF
FEDERAL 
RENEWABLE
ELECTRICITY
REQUIREMENT.—Not-
withstanding any other provision of this section, the 
term ‘qualified facility’ shall not include any prop-
erty which is placed in service after the date which 
is 1 year after the date on which the Secretary of 
Energy makes a public declaration that a Federal 
law is in effect which requires retail electric sup-
pliers in the United States to supply minimum and 
significant amounts of electric energy which is gen-
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erated from renewable sources to customers for pur-
poses other than resale.’’. 
SEC. 102. EXTENSION OF ELECTION OF INVESTMENT TAX 
CREDIT IN LIEU OF PRODUCTION CREDIT. 
(a) IN GENERAL.—Clause (ii) of section 48(a)(5)(C) 
of the Internal Revenue Code of 1986 is amended by strik-
ing ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2024’’. 
(b) LIMITATION.—Paragraph (5) of section 48(a) of 
such Code is amended by adding at the end the following 
new subparagraphs: 
‘‘(E) LIMITATION.—In the case of a quali-
fying offshore wind facility to which this para-
graph applies and the total megawatt name-
plate 
capacity 
of 
which 
exceeds 
3,000 
megawatts, the basis which would (but for this 
subparagraph) be taken into account under sub-
section (a) with respect to such facility shall not 
exceed the amount which bears the same ratio 
to such basis as— 
‘‘(i) 3000 megawatts, bears to 
‘‘(ii) the total megawatt nameplate ca-
pacity of such facility. 
‘‘(F) QUALIFYING OFFSHORE WIND FACIL-
ITY.—For purposes of this paragraph— 
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‘‘(i) IN GENERAL.—The term ‘quali-
fying offshore wind facility’ means an off-
shore facility using wind to produce elec-
tricity. 
‘‘(ii) OFFSHORE FACILITY.—The term 
‘offshore facility’ means any facility located 
in the inland navigable waters of the 
United States, including the Great Lakes, 
or in the coastal waters of the United 
States, including the territorial seas of the 
United States, the exclusive economic zone 
of the United States, and the Outer Conti-
nental Shelf of the United States. For pur-
poses of the preceding sentence, the term 
‘United States’ has the meaning given in 
section 638(1).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to facilities placed in service after 
December 31, 2013. 
SEC. 103. EXTENSION OF QUALIFYING ADVANCED ENERGY 
PROJECT CREDIT. 
Paragraph (1) of section 48C(d) of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subparagraph: 
‘‘(C) ADDITIONAL LIMITATION AMOUNT.— 
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‘‘(i) IN GENERAL.—The total amount 
of credits that may be allocated under the 
program 
shall 
be 
increased 
by 
$5,000,000,000. 
‘‘(ii) 
APPLICATIONS.—Notwith-
standing the deadline for submitting appli-
cations specified in paragraph (2)(A), an 
applicant for certification with respect to 
credits allocated pursuant to clause (i) may 
submit an application to the Secretary at 
such time and in such manner as the Sec-
retary may provide. 
‘‘(iii) REVIEW, REDISTRIBUTION, AND 
REALLOCATION.—Notwithstanding 
the 
deadline for review specified in paragraph 
(4)(A), the Secretary shall review the cred-
its allocated pursuant to clause (i) at such 
time as the Secretary determines appro-
priate.’’. 
SEC. 104. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT 
NEW HOMES. 
(a) IN GENERAL.—Subsection (g) of section 45L of 
the Internal Revenue Code of 1986 is amended by striking 
‘‘December 31, 2013’’ and inserting ‘‘December 31, 
2016’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to homes acquired after December 
31, 2013. 
SEC. 105. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT 
APPLIANCES. 
(a) IN GENERAL.—Section 45M(b) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘or 2013’’ 
each place it appears and inserting ‘‘2013, 2014, 2015, 
or 2016’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to appliances produced after De-
cember 31, 2013. 
Subtitle B—Electric, Natural Gas, 
and Hydrogen Vehicles 
SEC. 111. INCREASE AND EXPANSION OF CREDIT FOR 
QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR 
VEHICLES. 
(a) INCREASE IN DOLLAR LIMITATION.—Paragraph 
(2) of section 30D(b) of the Internal Revenue Code of 
1986 is amended by striking ‘‘$2,500’’ and inserting 
‘‘$5,000’’. 
(b) INCREASE IN LIMITATION ON NUMBER OF VEHI-
CLES ELIGIBLE FOR CREDIT.—Paragraph (2) of section 
30D(e) of such Code is amended by striking ‘‘200,000’’ 
and inserting ‘‘400,000’’. 
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(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply to vehicles acquired after the date 
of the enactment of this Act. 
SEC. 112. EXTENSION OF NEW QUALIFIED ALTERNATIVE 
FUEL MOTOR VEHICLE CREDIT FOR HEAVY 
NATURAL GAS VEHICLES. 
(a) IN GENERAL.—Paragraph (4) of section 30B(k) 
of the Internal Revenue Code of 1986 is amended by in-
serting ‘‘(December 31, 2018, in the case of a vehicle pow-
ered by compressed or liquefied natural gas and weighing 
more than 8,500 pounds)’’ before the period at the end. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to vehicles purchased after the date 
of the enactment of this Act. 
SEC. 113. MODIFICATION OF CREDIT FOR ALTERNATIVE 
FUEL VEHICLE REFUELING PROPERTY FOR 
VEHICLES POWERED BY ELECTRICITY, NAT-
URAL GAS, OR HYDROGEN. 
(a) SPECIAL RULES
FOR PROPERTY PLACED
IN 
SERVICE BEFORE JANUARY 1, 2021.—Subsection (e) of 
section 30C of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new para-
graph: 
‘‘(7) PROPERTY
FOR
RECHARGING
VEHICLES 
POWERED BY ELECTRICITY, NATURAL GAS, OR HY-
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(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2013. 
SEC. 114. ELECTRIC, NATURAL GAS, AND HYDROGEN VEHI-
CLE REFUELING PROPERTY TAX CREDIT 
BONDS. 
(a) IN GENERAL.—Paragraph (1) of section 54A(d) 
of the Internal Revenue Code of 1986 is amended by strik-
ing ‘‘or’’ at the end of subparagraph (D), by inserting 
‘‘or’’ at the end of subparagraph (E), and by inserting 
after subparagraph (E) the following new subparagraph: 
‘‘(F) a qualified electric, natural gas, and 
hydrogen vehicle refueling property bond,’’. 
(b) QUALIFIED PURPOSE.—Subparagraph (C) of sec-
tion 54A(d)(2) of such Code is amended by striking ‘‘and’’ 
at the end of clause (iv), by striking the period at the end 
of clause (v) and inserting ‘‘, and’’, and by adding at the 
end the following new clause: 
‘‘(vi) in the case of a qualified electric, 
natural gas, and hydrogen vehicle refueling 
property bond, a purpose specified in sec-
tion 54G(a)(1).’’. 
(c) BONDS ALLOWED.—Subpart I of part IV of sub-
chapter A of chapter 1 of such Code is amended by adding 
at the end the following new section: 
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‘‘SEC. 54G. QUALIFIED ELECTRIC, NATURAL GAS, AND HY-
DROGEN VEHICLE REFUELING PROPERTY 
BONDS. 
‘‘(a) QUALIFIED ELECTRIC, NATURAL GAS, AND HY-
DROGEN VEHICLE REFUELING PROPERTY BOND.—For 
purposes of this subpart, the term ‘qualified electric, nat-
ural gas, and hydrogen vehicle refueling property bond’ 
means any bond issued as part of an issue if— 
‘‘(1) 100 percent of the available project pro-
ceeds of such issue are to be used for capital expend-
itures incurred by a qualified issuer for 1 or more 
qualified electric, natural gas, and hydrogen vehicle 
refueling properties, 
‘‘(2) the bond is issued by a qualified issuer, 
and 
‘‘(3) the issuer designates such bond for pur-
poses of this section. 
‘‘(b) REDUCED CREDIT AMOUNT.—Notwithstanding 
paragraph (2) of section 54A(b), the annual credit deter-
mined with respect to any qualified electric, natural gas, 
and hydrogen vehicle refueling property bond is 70 percent 
of the amount which would (but for this subsection) other-
wise be determined under such paragraph with respect to 
such bond. 
‘‘(c) LIMITATION
ON AMOUNT
OF BONDS DES-
IGNATED.—The maximum aggregate face amount of 
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bonds which may be designated under subsection (a) by 
any issuer shall not exceed the limitation amount allocated 
to such issuer under subsection (e). 
‘‘(d) NATIONAL LIMITATION ON AMOUNT OF BONDS 
DESIGNATED.—There is a national qualified electric, nat-
ural gas, and hydrogen vehicle refueling property bond 
limitation of $750,000,000. 
‘‘(e) ALLOCATIONS.—The Secretary shall make allo-
cations of the amount of the national qualified electric, 
natural gas, and hydrogen vehicle refueling property bond 
limitation described in subsection (d) among purposes de-
scribed in subsection (a)(1) in such manner as the Sec-
retary determines appropriate. 
‘‘(f) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFIED ELECTRIC, NATURAL GAS, AND 
HYDROGEN
VEHICLE
REFUELING
PROPERTY.—The 
term ‘qualified electric, natural gas, and hydrogen 
vehicle refueling property’ means any qualified alter-
native fuel vehicle refueling property (within the 
meaning of section 30C) which relates to electricity, 
natural gas, or hydrogen. 
‘‘(2) QUALIFIED ISSUER.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
issuer’ means a public power provider, a cooper-
ative electric company, or a governmental body. 
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‘‘(B) GOVERNMENTAL
BODY.—The term 
‘governmental body’ means any State or Indian 
tribal government, or any political subdivision 
thereof. 
‘‘(C) PUBLIC
POWER
PROVIDER.—The 
term ‘public power provider’ means a State util-
ity that has a service obligation to end-users or 
to a distribution utility (within the meaning of 
section 217 of the Federal Power Act, as in ef-
fect on the date of the enactment of this sec-
tion). 
‘‘(D) COOPERATIVE ELECTRIC COMPANY.— 
The term ‘cooperative electric company’ means 
a mutual or cooperative electric company de-
scribed in section 501(c)(12) or an organization 
described in section 1381(a)(2)(C).’’. 
(d) CLERICAL AMENDMENT.—The table of sections 
for subpart I of part IV of subchapter A of chapter 1 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following new item: 
‘‘Sec. 54G. Qualified electric, natural gas, and hydrogen vehicle refueling prop-
erty bonds.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
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TITLE II—REPEAL OF FOSSIL 
FUEL SUBSIDIES FOR BIG OIL 
COMPANIES 
SEC. 201. PROHIBITION ON USING LAST-IN, FIRST-OUT AC-
COUNTING FOR MAJOR INTEGRATED OIL 
COMPANIES. 
(a) IN GENERAL.—Section 472 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(h) MAJOR INTEGRATED OIL COMPANIES.—Not-
withstanding any other provision of this section, a major 
integrated 
oil 
company 
(as 
defined 
in 
section 
167(h)(5)(B)) may not use the method provided in sub-
section (b) in inventorying of any goods.’’. 
(b) EFFECTIVE DATE AND SPECIAL RULE.— 
(1) IN
GENERAL.—The amendment made by 
subsection (a) shall apply to taxable years beginning 
after the date of the enactment of this Act. 
(2) CHANGE IN METHOD OF ACCOUNTING.—In 
the case of any taxpayer required by the amendment 
made by this section to change its method of ac-
counting for its first taxable year beginning after the 
date of the enactment of this Act— 
(A) such change shall be treated as initi-
ated by the taxpayer, 
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(B) such change shall be treated as made 
with the consent of the Secretary of the Treas-
ury, and 
(C) the net amount of the adjustments re-
quired to be taken into account by the taxpayer 
under section 481 of the Internal Revenue Code 
of 1986 shall be taken into account ratably over 
a period (not greater than 8 taxable years) be-
ginning with such first taxable year. 
SEC. 202. MODIFICATIONS OF FOREIGN TAX CREDIT RULES 
APPLICABLE TO MAJOR INTEGRATED OIL 
COMPANIES WHICH ARE DUAL CAPACITY 
TAXPAYERS. 
(a) IN GENERAL.—Section 901 of the Internal Rev-
enue Code of 1986 is amended by redesignating subsection 
(n) as subsection (o) and by inserting after subsection (m) 
the following new subsection: 
‘‘(n) SPECIAL RULES RELATING TO MAJOR INTE-
GRATED OIL COMPANIES WHICH ARE DUAL CAPACITY 
TAXPAYERS.— 
‘‘(1) GENERAL
RULE.—Notwithstanding any 
other provision of this chapter, any amount paid or 
accrued by a dual capacity taxpayer which is a 
major integrated oil company (as defined in section 
167(h)(5)(B)) to a foreign country or possession of 
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‘‘(A) is subject to a levy of such country or 
possession, and 
‘‘(B) receives (or will receive) directly or 
indirectly a specific economic benefit (as deter-
mined in accordance with regulations) from 
such country or possession. 
‘‘(3) GENERALLY APPLICABLE INCOME TAX.— 
For purposes of this subsection— 
‘‘(A) IN
GENERAL.—The term ‘generally 
applicable income tax’ means an income tax (or 
a series of income taxes) which is generally im-
posed under the laws of a foreign country or 
possession on income derived from the conduct 
of a trade or business within such country or 
possession. 
‘‘(B) EXCEPTIONS.—Such term shall not 
include a tax unless it has substantial applica-
tion, by its terms and in practice, to— 
‘‘(i) persons who are not dual capacity 
taxpayers, and 
‘‘(ii) persons who are citizens or resi-
dents of the foreign country or posses-
sion.’’. 
(b) EFFECTIVE DATE.— 
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(1) IN GENERAL.—The amendments made by 
this section shall apply to taxes paid or accrued in 
taxable years beginning after the date of the enact-
ment of this Act. 
(2) 
CONTRARY
TREATY
OBLIGATIONS 
UPHELD.—The amendments made by this section 
shall not apply to the extent contrary to any treaty 
obligation of the United States. 
SEC. 203. LIMITATION ON SECTION 199 DEDUCTION ATTRIB-
UTABLE TO OIL, NATURAL GAS, OR PRIMARY 
PRODUCTS THEREOF. 
(a) DENIAL OF DEDUCTION.—Paragraph (4) of sec-
tion 199(c) of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subpara-
graph: 
‘‘(E) SPECIAL
RULE
FOR
CERTAIN
OIL 
AND GAS INCOME.—In the case of any taxpayer 
who is a major integrated oil company (as de-
fined in section 167(h)(5)(B)) for the taxable 
year, the term ‘domestic production gross re-
ceipts’ shall not include gross receipts from the 
production, transportation, or distribution of 
oil, natural gas, or any primary product (within 
the meaning of subsection (d)(9)) thereof.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2013. 
SEC. 204. LIMITATION ON DEDUCTION FOR INTANGIBLE 
DRILLING AND DEVELOPMENT COSTS. 
(a) IN GENERAL.—Section 263(c) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new sentence: ‘‘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 (as defined in section 167(h)(5)(B)).’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2013. 
SEC. 205. LIMITATION ON PERCENTAGE DEPLETION AL-
LOWANCE FOR OIL AND GAS WELLS. 
(a) IN GENERAL.—Section 613A of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(f) APPLICATION WITH RESPECT TO MAJOR INTE-
GRATED OIL COMPANIES.—In the case of any taxable year 
in which the taxpayer is a major integrated oil company 
(as defined in section 167(h)(5)(B)), the allowance for 
percentage depletion shall be zero.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2013. 
SEC. 206. LIMITATION ON DEDUCTION FOR TERTIARY 
INJECTANTS. 
(a) IN GENERAL.—Section 193 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(d) APPLICATION WITH RESPECT TO MAJOR INTE-
GRATED OIL COMPANIES.—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 com-
pany (as defined in section 167(h)(5)(B)).’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred in tax-
able years beginning after December 31, 2013. 
Æ 
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