Enhanced Energy Security Tax Incentives Act of 2006

Bill: 109-s-2748
Sponsor: Sen. Bingaman, Jeff [D-NM]
Introduced: 2006-05-04 in the Senate
Policy area: Taxation
Subjects: Accounting
Administrative procedure
Agriculture and Food
Air conditioning
Alcohol as fuel
Alternative energy sources
Automobile engines
Automobile industry
Biomass energy
Coal
Cogeneration of electric power and heat
Commerce
Department of Energy
Depreciation and amortization
Diesel motor
Electric power production
Electric vehicles
Employee training
Energy
Energy conservation
Energy consumption
Energy efficiency
Energy facilities
Environmental Protection
Excise tax
Finance and Financial Sector
Foreign Trade and International Finance
Foreign tax credit
Fuel cells
Fuel consumption
Geology
Geophysical prediction
Geothermal resources
Government Operations and Politics
Heating
Housing and Community Development
Hydroelectric power
Incineration
Income tax
Industrial buildings
Industrial engineering
Inventories
Investment tax credit
Irrigation
Labor and Employment
Landfills
Law
Methane
Minimum tax
Motor vehicle pollution control
Municipal solid waste
Natural gas
Petroleum
Petroleum industry
Public Lands and Natural Resources
Refuse as fuel
Research and development
Science, Technology, Communications
Service stations
Solar energy
Standards
Tariff
Tax credits
Tax deductions
Tax-exempt securities
Transportation and Public Works
Transportation research
Trucks
Water Resources Development
Water conservation
Wind power

Summary:
action_date: 2006-05-04
text: 
Enhanced Energy Security Tax Incentives Act of 2006 - Amends the Internal Revenue Code to extend through 2010 the tax credits for: (1) producing electricity from certain renewable resources; (2) investment in clean renewable energy bonds; (3) new energy efficient homes; (4) nonbusiness energy property; (5) residential energy efficient property; (6) investment in qualified fuel cell and microturbine property and solar energy property; (7) alternative fuels; and (8) qualified electric vehicles.

Extends through 2010 the tax deduction for energy efficient commercial building property. Allows accelerated three-year depreciation of qualified energy management and water submetering devices. Limits depreciation allowances for certain large passenger motor vehicles.

Removes the limitation on the number of new qualified hybrid and advanced lean burn technology vehicles eligible for the alternative motor vehicle tax credit. 

Allows tax credits for investment in advanced technology motor vehicles, fuel-efficient fleets of motor vehicles used in a trade or business, idling reduction devices, and combined heat and power system property. Terminates such credits after 2010.

Increases from 30 to 50% the tax credit rate for investment in alternative vehicle refueling property (service stations for dispensing alternative motor vehicle fuels to retail consumers) and extends such credit through 2010.
 
Requires certain integrated oil companies with gross receipts over $1 million and crude oil production levels over 500,000 barrels to revalue their LIFO inventories of crude oil, natural gas, and other petroleum products according to a specified formula. Denies such oil companies: (1) two-year amortization of their geological and geophysical expenditures; and (2) foreign tax credits for payments to foreign countries from which they receive a specified economic benefit.


Legislative actions:
action_date: 2006-05-04
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4068-4072)
action_date: 2006-05-04
text: Sponsor introductory remarks on measure. (CR S4059-4060)
action_date: 2006-05-04
text: Introduced in Senate