Reduce and End our Deficits Using Commonsense Eliminations in the Energy Program Act of 2010

Bill: 111-hr-5780
Sponsor: Rep. Peters, Gary C. [D-MI-9]
Introduced: 2010-07-20 in the House
Policy area: Energy
Subjects: Advanced technology and technological innovations
Budget deficits and national debt
Business investment and capital
Electric power generation and transmission
Energy research
Energy storage, supplies, demand
Government buildings, facilities, and property
Income tax credits
Income tax deductions
Licensing and registrations
Mining
Nevada
Oil and gas
Public utilities and utility rates
Radioactive wastes and releases
Research administration and funding
Research and development
Technology transfer and commercialization
Wyoming

Summary:
action_date: 2010-07-20
text: 
Reduce and End our Deficits Using Commonsense Eliminations in the Energy Program Act of 2010 - Amends the Surface Mining Control and Reclamation Act of 1977 to terminate allocations of abandoned mine reclamation fees, except payments for health benefits, to states and Indian tribes that are certified to have completed coal mining reclamation.
 
Amends the Internal Revenue Code to terminate: (1) the enhanced oil recovery credit; (2) the credit for oil and gas produced from marginal wells; (3) the expensing of intangible drilling costs; (4) the deduction for tertiary injectants; (5) the exception to the passive loss limitation for working interests in oil and natural gas properties; (6) the percentage depletion deduction for oil and natural gas wells; and (7) the domestic manufacturing tax deduction for oil and natural gas companies.
 
Increases to seven years the geological and geophysical amortization period for independent producers.
 
Amends the Energy Policy Act of 2005 to repeal authority for: (1) the oil and gas research programs; (2) the low-volume oil and gas reservoir program; and (3) the Complex Well Technology Testing Facility at the Rocky Mountain Oilfield Testing Center.
 
Instructs the Secretary of Energy to: (1) discontinue the application before the Nuclear Regulatory Commission (NRC) for a license to construct a high-level nuclear waste geologic repository at Yucca Mountain, Nevada; (2) plan for the sale of federally owned and operated electric energy generation facilities under the supervision of, or working in coordination with, the Southeastern Power Administration (SEPA); and (3) terminate SEPA following such sale. Excludes from such sale any dam, reservoir, or waterfront property.
 
Directs the Tennessee Valley Authority (TVA) to sell the rights and assets of its electric power program. Excludes from the sale any hydroelectric power generation facility owned and operated by TVA (including dams and appurtenant works and structures).
 
Deems the remaining net proceeds from any such sale, after offset for sale costs, to extinguish the outstanding debt repayable to the United States and attributable to the assets being sold.
 
Amends the Energy Policy and Conservation Act to decrease the storage capacity of the Strategic Petroleum Reserve from 1 billion to 650 million barrels.
 
Amends the Energy Policy Act of 2005 to repeal the Secretary's program authority for research, development, demonstration, and commercial application of technologies for ultra-deepwater and unconventional natural gas and other petroleum resource exploration and production.


Legislative actions:
action_date: 2010-07-23
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2010-07-21
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2010-07-21
text: Referred to the Subcommittee on Energy and Mineral Resources.
action_date: 2010-07-20
text: Referred to House Science and Technology
action_date: 2010-07-20
text: Referred to House Transportation and Infrastructure
action_date: 2010-07-20
text: Referred to House Ways and Means
action_date: 2010-07-20
text: Referred to House Natural Resources
action_date: 2010-07-20
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Natural Resources, Ways and Means, Transportation and Infrastructure, and Science and Technology, 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: 2010-07-20
text: Referred to House Energy and Commerce
action_date: 2010-07-20
text: Introduced in House
action_date: 2010-07-20
text: Introduced in House