Energy Tax Incentives Act of 2003

Bill: 108-s-597
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2003-03-11 in the Senate
Policy area: Taxation
Subjects: Administrative procedure
Agricultural wastes
Agriculture and Food
Air conditioning
Air pollution control
Airline passenger traffic
Airports
Alaska
Alcohol as fuel
Alternative energy sources
Aviation fuels
Biomass energy
Building construction
Cellulose
Coal
Cogeneration of electric power and heat
Commerce
Condominium (Housing)
Congress
Congressional investigations
Congressional reporting requirements
Construction costs
Cooperative housing
Cooperative societies
Corporate finance
Corporate reorganizations
Corporation taxes
Department of the Treasury
Depletion allowances
Depreciation and amortization
Deregulation
Diesel motor
Economics and Public Finance
Electric appliances
Electric power production
Electric power transmission
Electric utilities
Electric vehicles
Energy
Energy conservation
Energy crops
Energy efficiency
Environmental Protection
Environmental Protection Agency
Excise tax
Farm manure
Finance and Financial Sector
Foreign Trade and International Finance
Free ports and zones
Fuel cells
Fuel consumption
Gas appliances
Gas industry
Gas pipelines
Gasoline
Geology
Geophysical prediction
Geothermal resources
Government Operations and Politics
Governmental investigations
Grain
Heat pumps
Heating
Housing and Community Development
Hydrogen
Income tax
Indexing (Economic policy)
Indian economic development
Investment tax credit
Irrigation
Labeling
Labor and Employment
Law
Legislation
Legumes
Logging
Lumber trade
Methane
Minimum tax
Minorities
Minority employment
Mobile homes
Motor vehicle pollution control
Municipal solid waste
Natural gas vehicles
Nitrogen oxides
Nuclear facilities
Nuclear power plants
Oil well drilling
Petroleum industry
Petroleum refineries
Poultry
Public Lands and Natural Resources
Public utility regulation
Recycling of waste products
Refrigeration
Refuse as fuel
Rent
Right-of-way
Secondary recovery of gas
Secondary recovery of oil
Service stations
Sewage sludge
Small business
Solar energy
Sugar
Sulphur
Sulphur dioxide
Swine
Tax credits
Tax deductions
Tax-exempt organizations
Tax-exempt securities
Thermal insulation
Transportation and Public Works
Trees
Trucks
Unrelated business income tax
Water Resources Development
Water conservation
Wind power
Wood

Summary:
action_date: 2003-03-11
text: Energy Tax Incentives Act of 2003 - Amends the Internal Revenue Code to extend and modify the renewable electricity production tax credit to, among other things, include credits for electricity produced from biomass, swine and bovine waste nutrients, geothermal energy, and solar energy.
Provides alternative vehicle and fuel incentives, including credits for installation of alternative fueling stations and the retail sale of alternative fuels as motor vehicle fuel, modification of the credit for qualified electric vehicles, and allowing the alcohol fuels credit to be transferred and to be used against motor fuels taxes.
Sets forth certain conservation and energy efficiency provisions such as credits for the construction of new energy efficient homes, the installation of energy efficient appliances, combined heat and power system properties, and energy efficiency improvements to existing homes. Establishes a three-year recovery period for depreciation of qualified energy management devices.
Establishes clean coal incentives, including credits for emission reductions, efficiency improvements in existing coal-based generation facilities, and investment in qualifying advanced clean coal technology.
Revises oil and gas provisions, including establishing a credit for the production of oil and gas from marginal wells, permitting the expensing of capital costs incurred in complying with EPA sulfur regulations, establishing an environmental tax credit, extending the marginal production income limit, and treating natural gas distribution lines as 15-year property.
Sets forth electric utility restructuring provisions.
Makes additional amendments, including amendments concerning: (1) the recovery period for Indian reservation property; and (2) the definition of a rural airport.

Legislative actions:
action_date: 2003-03-11
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3520-3546)
action_date: 2003-03-11
text: Sponsor introductory remarks on measure. (CR S3520)
action_date: 2003-03-11
text: Introduced in Senate