its application to taxpayers engaged in oil or gas ac-
tivities— 
‘‘(A) the term ‘oil and gas extraction taxes’ 
shall include such tax, 
‘‘(B) the term ‘foreign oil and gas extrac-
tion income’ shall include any taxable income 
which is taken into account in determining such 
tax (or is directly attributable to the activity to 
which such tax relates), and 
‘‘(C) the term ‘foreign oil related income’ 
shall not include any taxable income which is 
treated as foreign oil and gas extraction income 
under subparagraph (B).’’. 
(d) CONFORMING AMENDMENTS.— 
(1) Subparagraph (C) of section 907(c)(1), as 
redesignated by this section, is amended by inserting 
‘‘or used by the taxpayer in the activity described in 
subparagraph (B)’’ before the period at the end. 
(2) Subparagraph (B) of section 907(c)(2) is 
amended to read as follows: 
‘‘(B) so much of the transportation of such 
minerals or primary products as is not taken 
into account under paragraph (1)(B),’’.
100 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 303. TIME FOR PAYMENT OF CORPORATE ESTIMATED 
TAXES. 
The percentage under subparagraph (C) of section 
401(1) of the Tax Increase Prevention and Reconciliation 
Act of 2005 in effect on the date of the enactment of this 
Act is increased by 3.00 percentage points. 
TITLE IV—OTHER PROVISIONS 
Subtitle A—Studies 
SEC. 401. CARBON AUDIT OF THE TAX CODE. 
(a) STUDY.—The Secretary of the Treasury shall 
enter into an agreement with the National Academy of 
Sciences to undertake a comprehensive review of the Inter-
nal Revenue Code of 1986 to identify the types of and 
specific tax provisions that have the largest effects on car-
bon and other greenhouse gas emissions and to estimate 
the magnitude of those effects. 
(b) REPORT.—Not later than 2 years after the date 
of enactment of this Act, the National Academy of 
Sciences shall submit to Congress a report containing the 
results of study authorized under this section.
101 
(c) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$1,500,000 for the period of fiscal years 2008 and 2009. 
SEC. 402. COMPREHENSIVE STUDY OF BIOFUELS. 
(a) STUDY.—The Secretary of the Treasury, in con-
sultation with the Secretary of Agriculture, the Secretary 
of Energy, and the Administrator of the Environmental 
Protection Agency, shall enter into an agreement with the 
National Academy of Sciences to produce an analysis of 
current scientific findings to determine— 
(1) current biofuels production, as well as pro-
jections for future production, 
(2) the maximum amount of biofuels production 
capable on United States farmland, 
(3) the domestic effects of a dramatic increase 
in biofuels production on, for example— 
(A) the price of fuel, 
(B) the price of land in rural and subur-
ban communities, 
(C) crop acreage and other land use, 
(D) the environment, due to changes in 
crop acreage, fertilizer use, runoff, water use, 
emissions from vehicles utilizing biofuels, and 
other factors, 
(E) the price of feed,
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(F) the selling price of grain crops, 
(G) exports and imports of grains, 
(H) taxpayers, through cost or savings to 
commodity crop payments, and 
(I) the expansion of refinery capacity, 
(4) the ability to convert corn ethanol plants for 
other uses, such as cellulosic ethanol or biodiesel, 
(5) a comparative analysis of corn ethanol 
versus other biofuels and renewable energy sources, 
considering cost, energy output, and ease of imple-
mentation, and 
(6) the need for additional scientific inquiry, 
and specific areas of interest for future research. 
(b) REPORT.—The National Academy of Sciences 
shall submit an initial report of the findings of the report 
required under subsection (a) to the Congress not later 
than 3 months after the date of the enactment of this Act, 
and a final report not later than 6 months after such date 
of enactment.
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Subtitle B—Application of Certain 
Labor Standards on Projects Fi-
nanced Under Tax Credit Bonds 
SEC. 411. APPLICATION OF CERTAIN LABOR STANDARDS 
ON PROJECTS FINANCED UNDER TAX CREDIT 
BONDS. 
Subchapter IV of chapter 31 of title 40, United 
States Code, shall apply to projects financed with the pro-
ceeds of any tax credit bond (as defined in section 54A 
of the Internal Revenue Code of 1986). 
Passed the House of Representatives February 27, 
2008. 
Attest: 
Clerk.
110TH CONGRESS 
2D SESSION 
H. R. 5351 
AN ACT 
To amend the Internal Revenue Code of 1986 to 
provide tax incentives for the production of re-
newable energy and energy conservation.