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 Com-
merce, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Energy Policy Rein-
vestment Act of 2007’’. 
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SEC. 2. REPEAL OF TAX SUBSIDIES FOR OIL AND GAS EN-
ACTED BY THE ENERGY POLICY ACT OF 2005. 
(a) TEMPORARY EXPENSING FOR EQUIPMENT USED 
IN REFINING OF LIQUID FUELS.— 
(1) IN GENERAL.—Section 179C of the Internal 
Revenue Code of 1986 is amended by adding at the 
end the following new subsection: 
‘‘(i) TERMINATION.—This section shall not apply to 
production in taxable years ending after the date of the 
enactment of this subsection.’’. 
(2) CONFORMING
AMENDMENTS.—Paragraph 
(1) of section 179C(c) of such Code is amended— 
(A) in subparagraph (B) by striking ‘‘and 
before January 1, 2012’’, and 
(B) by inserting ‘‘and’’ at the end of sub-
paragraph (D), by striking ‘‘, and’’ at the end 
of subparagraph (E) and inserting a period, 
and by striking subparagraph (F). 
(b) NATURAL GAS DISTRIBUTION LINES.—Section 
168(e)(3)(E)(viii) of such Code is amended by striking 
‘‘January 1, 2011’’ and inserting ‘‘the date of the enact-
ment of the Energy Policy Reinvestment Act of 2007’’. 
(c) NATURAL
GAS
GATHERING
LINES.—Section 
168(e)(3)(C)(iv) of such Code is amended by inserting ‘‘, 
and before the date of the enactment of the Energy Policy 
Reinvestment Act of 2007’’ after ‘‘April 11, 2005’’. 
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(d) DETERMINATION OF SMALL REFINER EXCEP-
TION TO OIL DEPLETION DEDUCTION.—Paragraph (4) of 
section 613A(d) of such Code is amended to read as fol-
lows: 
‘‘(4) CERTAIN REFINERS EXCLUDED.—If the tax-
payer or a related person engages in the refining of crude 
oil, subsection (c) shall not apply to such taxpayer if on 
any day during the taxable year the refinery runs of the 
taxpayer and such person exceed 50,000 barrels.’’. 
(e) AMORTIZATION
OF
GEOLOGICAL
AND
GEO-
PHYSICAL EXPENDITURES.—Section 167(h) of such Code 
is amended by adding at the end the following new para-
graph: 
‘‘(5) TERMINATION.—This subsection shall not 
apply to any expense paid or incurred in any taxable 
year ending after the date of the enactment of this 
paragraph.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 3. ADVANCEMENT OF HYDROGEN AND FUEL CELL 
TECHNOLOGY. 
Additional revenues received by the United States as 
a result of the amendments made by section 2 shall be 
retained in an account in the Treasury and shall be avail-
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able, to the extent provided in advance in appropriations 
Acts, for— 
(1) carrying out hydrogen and fuel cell tech-
nology programs under the authority of the Assist-
ant Secretary for Energy Efficiency and Renewable 
Energy of the Department of Energy, with priority 
given to programs that have been previously under-
funded; and 
(2) carrying out sections 782 and 783 of the 
Energy Policy Act of 2005 (42 U.S.C 16122, 
16123). 
Æ 
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