New Options Petroleum Energy Conservation Act of 2007

Bill: 110-hr-1451
Sponsor: Rep. Lungren, Daniel E. [R-CA-3]
Introduced: 2007-03-09 in the House
Policy area: Energy
Subjects: Acid rain
Agricultural wastes
Agriculture and Food
Air pollution control
Alcohol as fuel
Automobile engines
Automobile industry
Awards, medals, prizes
Biomass energy
Carbon dioxide
Climate change and greenhouse gases
Commemorations
Commerce
Depreciation and amortization
Diesel motor
Electric batteries
Energy conservation
Energy crops
Energy efficiency
Energy research
Environmental Protection
Equipment and supplies
Fuel cells
Fuel consumption
Heating
Income tax
Investment tax credit
Lithium
Mercury
Methanol
Oils and fats
Petroleum engineering
Public Lands and Natural Resources
Refuse as fuel
Science, Technology, Communications
Smog
Solar energy
Tax credits
Tax deductions
Tax returns
Taxation
Transportation and Public Works

Summary:
action_date: 2007-03-09
text: 
New Options Petroleum Energy Conservation Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for investment in a climate neutral combustion facility. Defines &quot;climate neutral combustion facility&quot; as any facility which: (1) burns matter to produce electricity; (2) captures and uses carbon dioxide released during combustion to recover hydrocarbon fuel; and (3) produces no emissions of mercury or greenhouse gasses and no emissions that form fine particulate, smog, or acid rain. 

Extends through 2012 the tax credits for investment in solar energy property and for residential energy efficient property expenditures.

Directs the Secretary of Energy to establish a program to award $1 billion to the first U.S. automobile manufacturer who manufactures and sells in the United States 60,000 midsized sedans which operate on gasoline and can travel at 100 miles per gallon. 

Authorizes appropriations for the development of advanced lithium ion battery technology. 

Allows a taxpayer election to expense biofuel refining property.


Legislative actions:
action_date: 2007-03-14
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2007-03-12
text: Referred to the Subcommittee on Energy and Air Quality.
action_date: 2007-03-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Science and Technology, and Energy and Commerce, 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: 2007-03-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Science and Technology, and Energy and Commerce, 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: 2007-03-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Science and Technology, and Energy and Commerce, 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: 2007-03-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Science and Technology, and Energy and Commerce, 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: 2007-03-09
text: Introduced in House
action_date: 2007-03-09
text: Introduced in House