Renewable Investment and Consumer Protection Act

Bill: 110-hr-6155
Sponsor: Rep. Markey, Edward J. [D-MA-7]
Introduced: 2008-05-22 in the House
Policy area: Energy
Subjects: Alternative energy sources
Appropriations
Commerce
Economics and Public Finance
Energy assistance for the poor
Energy conservation
Energy efficiency
Energy research
Excise tax
Finance and Financial Sector
Government trust funds
Petroleum industry
Product development
Research and development
Science, Technology, Communications
Social Welfare
Stock repurchasing
Taxation

Summary:
action_date: 2008-05-22
text: 
Renewable Investment and Consumer Protection Act - Establishes in the Treasury a Clean Energy Fund, to which shall be appropriated an amount equivalent to the increase in revenues resulting from a tax imposed on each repurchase of outstanding shares of stock by a major integrated oil company pursuant to a stock buyback program.

Appropriates amounts in the fund as follows: (1) 60% to offset the cost of subsequent legislation to accelerate the use of clean domestic renewable energy resources and alternative fuels, promote energy efficiency and conservation, and increase research, development, and deployment of clean renewable energy and energy efficiency technologies; and (2) 40% for carrying out the Low-Income Home Energy Assistance program.

Amends the Internal Revenue Code to impose the oil company stock repurchase transaction tax.


Legislative actions:
action_date: 2008-06-03
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2008-05-23
text: Sponsor introductory remarks on measure. (CR E1088-1089)
action_date: 2008-05-22
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science and Technology, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-05-22
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science and Technology, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-05-22
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science and Technology, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-05-22
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science and Technology, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-05-22
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Science and Technology, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-05-22
text: Introduced in House
action_date: 2008-05-22
text: Introduced in House