117 HR 2102 IH: End Polluter Welfare Act of 2021
U.S. House of Representatives
2021-03-19
text/xml
EN
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I
117th CONGRESS1st Session
H. R. 2102
IN THE HOUSE OF REPRESENTATIVES

March 19, 2021
Ms. Omar introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Natural Resources, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, Agriculture, 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

A BILL
To eliminate certain subsidies for fossil-fuel production.

1.Short titleThis Act may be cited as the End Polluter Welfare Act of 2021. 2.Table of contentsThe table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Definition of fossil fuel.
Sec. 4. Royalty relief.
Sec. 5. Royalties under Mineral Leasing Act.
Sec. 6. Elimination of interest payments for royalty overpayments.
Sec. 7. Removal of limits on liability for offshore facilities and pipeline operators.
Sec. 8. Restrictions on use of appropriated funds by international financial institutions for projects that support fossil fuel.
Sec. 9. Fossil Energy Research and Development Program.
Sec. 10. Advanced Research Projects Agency—Energy.
Sec. 11. Incentives for innovative technologies.
Sec. 12. Rural Utility Service loan guarantees.
Sec. 13. Prohibition on use of funds by the United States International Development Finance Corporation or the Export-Import Bank of the United States for financing projects, transactions, or other activities that support fossil fuel.
Sec. 14. Transportation funds for grants, loans, loan guarantees, and other direct assistance.
Sec. 15. Elimination of exclusion of certain lenders as owners or operators under CERCLA.
Sec. 16. Termination of various tax expenditures relating to fossil fuels.
Sec. 17. Termination of certain deductions and credits related to fossil fuels.
Sec. 18. Uniform seven-year amortization for geological and geophysical expenditures.
Sec. 19. Natural gas gathering lines treated as 15-year property.
Sec. 20. Termination of last-in, first-out method of inventory for oil, natural gas, and coal companies.
Sec. 21. Repeal of percentage depletion for coal and hard mineral fossil fuels.
Sec. 22. Termination of capital gains treatment for royalties from coal.
Sec. 23. Modifications of foreign tax credit rules applicable to oil and gas industry taxpayers receiving specific economic benefits.
Sec. 24. Increase in oil spill liability trust fund financing rate.
Sec. 25. Application of certain environmental taxes to synthetic crude oil.
Sec. 26. Denial of deduction for removal costs and damages for certain oil spills.
Sec. 27. Tax on crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico.
Sec. 28. Repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels.
Sec. 29. Amortization of qualified tertiary injectant expenses.
Sec. 30. Amortization of development expenditures.
Sec. 31. Amortization of certain mining exploration expenditures.
Sec. 32. Amortization of intangible drilling and development costs in the case of oil and gas wells and geothermal wells.
Sec. 33. Permanent excise tax rate for funding of Black Lung Disability Trust Fund.
Sec. 34. Termination of renewable electricity production credit eligibility for refined coal.
Sec. 35. Treatment of foreign oil related income as subpart F income.
Sec. 36. Repeal of exclusion of foreign oil and gas extraction income from the determination of tested income.
Sec. 37. Termination of credit for carbon oxide sequestration.
Sec. 38. Powder River Basin.
Sec. 39. Study and elimination of additional fossil fuel subsidies.
3.Definition of fossil fuelIn this Act, the term fossil fuel means coal, petroleum, natural gas, or any derivative of coal, petroleum, or natural gas that is used for fuel. 4.Royalty relief (a)In general (1)Outer Continental Shelf Lands ActSection 8(a)(3) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(a)(3)) is amended—
(A)by striking subparagraph (B); and (B)by redesignating subparagraph (C) as subparagraph (B).
(2)Energy Policy Act of 2005
(A)Incentives for natural gas production from deep wells in the shallow waters of the Gulf of MexicoSection 344 of the Energy Policy Act of 2005 (42 U.S.C. 15904) is repealed. (B)Deep water productionSection 345 of the Energy Policy Act of 2005 (42 U.S.C. 15905) is repealed.
(b)Future provisionsNotwithstanding any other provision of law, royalty relief shall not be permitted under a lease issued under section 8 of the Outer Continental Shelf Lands Act (43 U.S.C. 1337). 5.Royalties under Mineral Leasing Act (a)Coal leasesSection 7(a) of the Mineral Leasing Act (30 U.S.C. 207(a)) is amended in the fourth sentence by striking 121/2 per centum and inserting 183/4 percent.
(b)Leases on land on which oil or natural gas is discoveredSection 14 of the Mineral Leasing Act (30 U.S.C. 223) is amended in the fourth sentence by striking 121/2 per centum and inserting 183/4 percent. (c)Leases on land known or believed To contain oil or natural gasSection 17 of the Mineral Leasing Act (30 U.S.C. 226) is amended—
(1)in subsection (b)— (A)in paragraph (1)(A), in the fifth sentence, by striking 12.5 percent and inserting 183/4 percent; and
(B)in paragraph (2)(A)(ii), by striking 121/2 per centum and inserting 183/4 percent; (2)in subsection (c)(1), in the second sentence, by striking 12.5 percent and inserting 183/4 percent;
(3)in subsection (l), by striking 121/2 per centum each place it appears and inserting 183/4 percent; and (4)in subsection (n)(1)(C), by striking 121/2 per centum and inserting 183/4 percent.
6.Elimination of interest payments for royalty overpaymentsSection 111 of the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1721) is amended by adding at the end the following:  (k)Payment of interestInterest shall not be paid on any overpayment..
7.Removal of limits on liability for offshore facilities and pipeline operatorsSection 1004(a) of the Oil Pollution Act of 1990 (33 U.S.C. 2704(a)) is amended— (1)in paragraph (3), by striking plus $75,000,000; and and inserting and the liability of the responsible party under section 1002;;
(2)in paragraph (4)— (A)by inserting (except an onshore pipeline transporting diluted bitumen, bituminous mixtures, or any oil manufactured from bitumen) after for any onshore facility; and
(B)by striking the period at the end and inserting ; and; and (3)by adding at the end the following:

(5)for any onshore facility transporting diluted bitumen, bituminous mixtures, or any oil manufactured from bitumen, the liability of the responsible party under section 1002.. 8.Restrictions on use of appropriated funds by international financial institutions for projects that support fossil fuel (a)Rescission of unobligated funds (1)In generalOf the unobligated balance of amounts appropriated or otherwise made available for a contribution of the United States to an international financial institution, an amount specified in paragraph (2) shall be rescinded if the institution provides support for a project that supports the production or use of fossil fuels.
(2)Amount specifiedThe amount specified in this paragraph is an amount the Secretary of the Treasury determines to be equivalent to the amount of support provided by an international financial institution described in paragraph (1) for a project that supports the production or use of fossil fuels. (b)Prohibition on use of future fundsNo amounts appropriated or otherwise made available for a contribution of the United States to an international financial institution may be provided to the institution unless the institution agrees to not use the amount to provide support for any project that supports the production or use of fossil fuels.
(c)International financial institution definedIn this section, the term international financial institution has the meaning given that term in section 1701(c) of the International Financial Institutions Act (22 U.S.C. 262r(c)). 9.Fossil Energy Research and Development Program (a)Termination of authorityNotwithstanding any other provision of law, the authority of the Secretary of Energy to carry out the Fossil Energy Research and Development Program of the Department of Energy is terminated.
(b)RescissionNotwithstanding any other provision of law— (1)all amounts made available for the Fossil Energy Research and Development Program that remain unobligated as of the date of enactment of this Act are rescinded; and
(2)no amounts made available after the date of enactment of this Act for the Fossil Energy Research and Development Program shall be expended, other than such amounts as are necessary to cover costs incurred in terminating ongoing research of the Fossil Energy Research and Development Program, as determined by the Secretary of Energy, in consultation with other appropriate Federal agencies. 10.Advanced Research Projects Agency—EnergyNone of the funds made available to the Advanced Research Projects Agency—Energy shall be used to carry out any project that supports fossil fuel.
11.Incentives for innovative technologies
(a)In generalSection 1703 of the Energy Policy Act of 2005 (42 U.S.C. 16513) is amended— (1)in subsection (b)—
(A)by striking paragraphs (2) and (10); and (B)by redesignating paragraphs (3), (4), (5), (6), (7), (8), (9), (11), and (12) as paragraphs (2), (3), (4), (5), (6), (7), (8), (9), and (10), respectively;
(2)by striking subsection (c); and (3)by redesignating subsections (d) through (f) as subsections (c) through (e), respectively.
(b)Conforming amendmentSection 1704 of the Energy Policy Act of 2005 (42 U.S.C. 16514) is amended— (1)by striking subsection (b); and
(2)by redesignating subsection (c) as subsection (b).  12.Rural Utility Service loan guaranteesNotwithstanding any other provision of law, the Secretary of Agriculture may not make a loan under title III of the Rural Electrification Act of 1936 (7 U.S.C. 931 et seq.) to an applicant for the purpose of carrying out any project that will use fossil fuel.
13.Prohibition on use of funds by the United States International Development Finance Corporation or the Export-Import Bank of the United States for financing projects, transactions, or other activities that support fossil fuelNotwithstanding any other provision of law, no amounts appropriated or otherwise made available for the United States International Development Finance Corporation or the Export-Import Bank of the United States that are available for obligation on or after the date of the enactment of this Act may be obligated or expended to support any project, transaction, or other activity that supports the production or use of fossil fuels. 14.Transportation funds for grants, loans, loan guarantees, and other direct assistanceNotwithstanding any other provision of law, any amounts made available to the Department of Transportation (including the Federal Railroad Administration) may not be used to award any grant, loan, loan guarantee, or provide any other direct assistance to any rail facility or port project that transports fossil fuel.
15.Elimination of exclusion of certain lenders as owners or operators under CERCLASection 101(20)(F) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9601(20)(F)) is amended by adding at the end the following:  (iii)Ineligible lendersThe exclusions under clauses (i) and (ii) shall not apply to a person that is a lender that is—
(I)an investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), investment adviser (as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a))), or broker or dealer (as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))) with $250,000,000,000 or more in assets under management; or (II)a bank holding company (as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841)) with $10,000,000,000 or more in total consolidated assets..
16.Termination of various tax expenditures relating to fossil fuels
(a)In generalSubchapter C of chapter 80 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:  7875.Termination of certain provisions relating to fossil-fuel incentives (a)In generalThe following provisions shall not apply to taxable years beginning after the date of the enactment of the End Polluter Welfare Act of 2021:
(1)Section 43 (relating to enhanced oil recovery credit). (2)Section 45I (relating to credit for producing oil and natural gas from marginal wells).
(3)Section 461(i)(2) (relating to special rule for spudding of oil or natural gas wells). (4)Section 469(c)(3)(A) (relating to working interests in oil and natural gas property).
(5)Section 613A (relating to limitations on percentage depletion in case of oil and natural gas wells). (b)Provisions relating to propertyThe following provisions shall not apply to property placed in service after the date of the enactment of the End Polluter Welfare Act of 2021:
(1)Section 168(e)(3)(C)(iii) (relating to classification of certain property). (2)Section 169 (relating to amortization of pollution control facilities) with respect to any atmospheric pollution control facility.
(c)Provisions relating to costs and expensesThe following provisions shall not apply to costs or expenses paid or incurred after the date of the enactment of the End Polluter Welfare Act of 2021: (1)Section 179B (relating to deduction for capital costs incurred in complying with Environmental Protection Agency sulfur regulations).
(2)Section 468 (relating to special rules for mining and solid waste reclamation and closing costs). (d)Allocated creditsNo new credits shall be certified under section 48A (relating to qualifying advanced coal project credit) or section 48B (relating to qualifying gasification project credit) after the date of the enactment of the End Polluter Welfare Act of 2021.
(e)Arbitrage bondsSection 148(b)(4) (relating to safe harbor for prepaid natural gas) shall not apply to obligations issued after the date of the enactment of the End Polluter Welfare Act of 2021.. (b)Conforming amendments (1)Section 613(d) of the Internal Revenue Code of 1986 is amended by striking Except as provided in section 613A, in the case and inserting In the case.
(2)The table of sections for subchapter C of chapter 90 of such Code is amended by adding at the end the following new item:   Sec. 7875. Termination of certain provisions relating to fossil-fuel incentives.. 17.Termination of certain deductions and credits related to fossil fuels (a)Special allowance for certain propertySection 168(k) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(11)Fossil fuel property
(A)In generalThis subsection shall not apply with respect to any property which is primarily used for fossil fuel activities and is placed in service during any taxable year beginning after the date of the enactment of the End Polluter Welfare Act of 2021. (B)Fossil fuel activitiesFor purposes of this paragraph, the term fossil fuel activities means the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), distribution, or marketing of coal, petroleum, natural gas, or any derivative of coal, petroleum, or natural gas that is used for fuel.
(C)ExceptionThe property described in subparagraph (A) shall not include any motor vehicle service station or convenience store which does not qualify as a retail motor fuels outlet under subsection (e)(3)(E)(iii).. (b)Qualified business incomeSection 199A(c)(3)(B) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(viii)Any item of gain or loss derived from fossil fuel activities (as defined in section 168(k)(11)(B)) during any taxable year beginning after the date of the enactment of the End Polluter Welfare Act of 2021.. (c)Credit for increasing research activitiesSection 41(d)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(I)Fossil fuel activitiesAny research related to fossil fuel activities (as defined in section 168(k)(11)(B)) which is conducted after the date of the enactment of the End Polluter Welfare Act of 2021.. (d)Foreign-Derived intangible incomeSubclause (V) of section 250(b)(3)(A)(i) of the Internal Revenue Code of 1986 is amended to read as follows:

(V)any income derived from fossil fuel activities (as defined in section 168(k)(11)(B)) during any taxable year beginning after the date of the enactment of the End Polluter Welfare Act of 2021, and.  (e)Exchange of real property held for productive use or investmentSection 1031(a)(2) of the Internal Revenue Code of 1986 is amended to read as follows:

(2)ExceptionsThis subsection shall not apply to— (A)any exchange of real property held primarily for sale, or
(B)any exchange of real property which— (i)is used for fossil fuel activities (as defined in section 168(k)(11)(B)), and
(ii)occurs after the date of the enactment of the End Polluter Welfare Act of 2021.. 18.Uniform seven-year amortization for geological and geophysical expenditures (a)In generalSection 167(h) of the Internal Revenue Code of 1986 is amended—
(1)by striking 24-month period each place it appears in paragraphs (1) and (4) and inserting 84-month period; (2)by striking paragraph (2) and inserting the following:

(2)Mid-month conventionFor purposes of paragraph (1), any payment paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month.; and (3)by striking paragraph (5).
(b)Effective dateThe amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act. 19.Natural gas gathering lines treated as 15-year property (a)In generalSection 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (vi), by striking the period at the end of clause (vii) and inserting , and, and by adding at the end the following new clause:

(viii)any natural gas gathering line the original use of which commences with the taxpayer after the date of the enactment of this clause.. (b)Alternative systemThe table contained in section 168(g)(3)(B) of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subparagraph (E)(vii) the following new item:

(E)(viii)22.
(c)Conforming amendmentClause (iv) of section 168(e)(3)(C) of the Internal Revenue Code of 1986 is amended by inserting and on or before the date of the enactment of the End Polluter Welfare Act of 2021 after April 11, 2005. (d)Effective date (1)In generalThe amendments made by this section shall apply to property placed in service on and after the date of the enactment of this Act.
(2)ExceptionThe amendments made by this section shall not apply to any property with respect to which the taxpayer or a related party has entered into a binding contract for the construction thereof on or before the date of the introduction of this Act, or, in the case of self-constructed property, has started construction on or before such date. 20.Termination of last-in, first-out method of inventory for oil, natural gas, and coal companies (a)In generalSection 472 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(h)Termination for oil, natural gas, and coal companiesSubsection (a) shall not apply to any taxpayer that is in the trade or business of the production, refining, processing, transportation, or distribution of oil, natural gas, or coal for any taxable year beginning after the date of enactment of the End Polluter Welfare Act of 2021.. (b)Additional terminationSection 473 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(h)Termination for oil, natural gas, and coal companiesThis section shall not apply to any taxpayer that is in the trade or business of the production, refining, processing, transportation, or distribution of oil, natural gas, or coal for any taxable year beginning after the date of enactment of the End Polluter Welfare Act of 2021.. (c)Change in method of accountingIn the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year beginning after the date of enactment of this Act—
(1)such change shall be treated as initiated by the taxpayer; and (2)such change shall be treated as made with the consent of the Secretary of the Treasury.
(d)Effective dateThe amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act. 21.Repeal of percentage depletion for coal and hard mineral fossil fuels (a)In generalSection 613 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(f)Termination with respect to coal and hard mineral fossil fuelsIn the case of coal, lignite, and oil shale (other than oil shale described in subsection (b)(5)), the allowance for depletion shall be computed without reference to this section for any taxable year beginning after the date of the enactment of the End Polluter Welfare Act of 2021.. (b)Conforming amendments (1)Coal and ligniteSection 613(b)(4) of the Internal Revenue Code of 1986 is amended by striking coal, lignite,.
(2)Oil shaleSection 613(b)(2) of such Code is amended to read as follows:  (2)15 percentIf, from deposits in the United States, gold, silver, copper, and iron ore..
(c)Effective dateThe amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 22.Termination of capital gains treatment for royalties from coal (a)In generalSubsection (c) of section 631 of the Internal Revenue Code of 1986 is amended—
(1)by striking coal (including lignite), or iron ore and inserting iron ore; (2)by striking coal or iron ore each place it appears and inserting iron ore;
(3)by striking iron ore or coal each place it appears and inserting iron ore; and (4)by striking coal or in the heading.
(b)Conforming amendments
(1)The heading of section 631 of the Internal Revenue Code of 1986 is amended by striking , coal,. (2)Section 1231(b)(2) of such Code is amended by striking , coal,.
(c)Effective dateThe amendments made by this section shall apply to dispositions after the date of the enactment of this Act. 23.Modifications of foreign tax credit rules applicable to oil and gas industry taxpayers receiving specific economic benefits (a)In generalSection 901 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:

(n)Special rules relating to dual capacity taxpayers
(1)General ruleNotwithstanding any other provision of this chapter, any amount paid or accrued to a foreign country or possession of the United States for any period by a dual capacity taxpayer which is in the trade or business of the production, refining, processing, transportation, or distribution of fossil fuel shall not be considered a tax— (A)if, for such period, the foreign country or possession does not impose a generally applicable income tax, or
(B)to the extent such amount exceeds the amount (determined in accordance with regulations) which— (i)is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession, or
(ii)would be paid if no amount other than the amount required to be paid by such taxpayer under the generally applicable income tax imposed by the country or possession were paid or accrued by such dual capacity taxpayer.Nothing in this paragraph shall be construed to imply the proper treatment of any such amount not in excess of the amount determined under subparagraph (B).  (2)Dual capacity taxpayerFor purposes of this subsection, the term dual capacity taxpayer means, with respect to any foreign country or possession of the United States, a person who—
(A)is subject to a levy of such country or possession, and (B)receives (or will receive) directly or indirectly a specific economic benefit (as determined in accordance with regulations) from such country or possession.
(3)Generally applicable income taxFor purposes of this subsection— (A)In generalThe term generally applicable income tax means an income tax (or a series of income taxes) which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession.
(B)ExceptionsSuch term shall not include a tax unless it has substantial application, by its terms and in practice, to— (i)persons who are not dual capacity taxpayers, and
(ii)persons who are— (I)citizens or residents of the foreign country or possession, or
(II)organized or incorporated under the laws of the foreign country or possession. (4)Fossil fuelFor purposes of this subsection, the term fossil fuel means coal, petroleum, natural gas, or any derivative of coal, petroleum, or natural gas that is used for fuel..
(b)Effective dateThe amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after the date of the enactment of this Act. (c)Special rule for treatiesNotwithstanding sections 894 or 7852(d) of the Internal Revenue Code of 1986, the amendments made by this section shall apply without regard to any treaty obligation of the United States.
24.Increase in oil spill liability trust fund financing rate
(a)In generalSection 4611 of the Internal Revenue Code of 1986 is amended— (1)in subsection (c)(2)(B)—
(A)in clause (i), by striking and at the end; (B)in clause (ii), by striking the period at the end and inserting , and; and
(C)by adding at the end the following:  (iii)in the case of crude oil received or petroleum products entered after December 31, 2021, 10 cents a barrel.; and
(2)by striking subsection (f) and inserting the following:  (f)Application of Oil Spill Liability Trust Fund financing rateThe Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply on and after April 1, 2006, or if later, the date which is 30 days after the last day of any calendar quarter for which the Secretary estimates that, as of the close of that quarter, the unobligated balance in the Oil Spill Liability Trust Fund is less than $2,000,000,000..
(b)Effective dateThe amendments made by this section shall apply to crude oil received and petroleum products entered after December 31, 2021. 25.Application of certain environmental taxes to synthetic crude oil (a)In generalParagraph (1) of section 4612(a) of the Internal Revenue Code of 1986 is amended to read as follows:

(1)Crude oil
(A)In generalThe term crude oil includes crude oil condensates, natural gasoline, and synthetic crude oil. (B)Synthetic crude oilFor purposes of subparagraph (A), the term synthetic crude oil means—
(i)any bitumen and bituminous mixtures,  (ii)any oil derived from bitumen and bituminous mixtures (including oil derived from tar sands),
(iii)any liquid fuel derived from coal, and (iv)any oil derived from kerogen-bearing sources (including oil derived from oil shale)..
(b)Regulatory authority To address other types of crude oil and petroleum productsSubsection (a) of section 4612 of the Internal Revenue Code of 1986 is amended by adding at the end the following:  (10)Regulatory authority to address other types of crude oil and petroleum productsUnder such regulations as the Secretary may prescribe, the Secretary may include as crude oil or as a petroleum product subject to tax under section 4611, any fuel feedstock or finished fuel product customarily transported by pipeline, vessel, railcar, or tanker truck if the Secretary determines that—
(A)the classification of such fuel feedstock or finished fuel product is consistent with the definition of oil under the Oil Pollution Act of 1990, and (B)such fuel feedstock or finished fuel product is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge..
(c)Technical amendmentParagraph (2) of section 4612(a) of the Internal Revenue Code of 1986 is amended by striking from a well located. (d)Effective dateThe amendments made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.
26.Denial of deduction for removal costs and damages for certain oil spills
(a)In generalSection 162(f) of the Internal Revenue Code of 1986 is amended— (1)by redesignating paragraph (5) as paragraph (6); and
(2)by inserting after paragraph (4) the following:  (5)Expenses for removal costs and damages relating to certain oil spill liabilityNotwithstanding paragraphs (2) and (3), no deduction shall be allowed under this chapter for any costs or damages for which the taxpayer is liable under section 1002 of the Oil Pollution Act of 1990 (33 U.S.C. 2702).
(b)Effective dateThe amendments made by this section shall apply with respect to any liability arising in taxable years ending after the date of the enactment of this Act. 27.Tax on crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico (a)In generalSubtitle E of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter:

56Tax on severance of crude oil and natural gas from the outer Continental Shelf in the Gulf of Mexico

Sec. 5901. Imposition of tax.
Sec. 5902. Taxable crude oil or natural gas and removal price.
Sec. 5903. Special rules and definitions.
5901.Imposition of tax
(a)In generalIn addition to any other tax imposed under this title, there is hereby imposed a tax equal to 13 percent of the removal price of any taxable crude oil or natural gas removed from the premises during any taxable period. (b)Credit for Federal royalties paid (1)In generalThere shall be allowed as a credit against the tax imposed by subsection (a) with respect to the production of any taxable crude oil or natural gas an amount equal to the aggregate amount of royalties paid under Federal law with respect to such production.
(2)LimitationThe aggregate amount of credits allowed under paragraph (1) to any taxpayer for any taxable period shall not exceed the amount of tax imposed by subsection (a) for such taxable period. (c)Tax paid by producerThe tax imposed by this section shall be paid by the producer of the taxable crude oil or natural gas.
5902.Taxable crude oil or natural gas and removal price
(a)Taxable crude oil or natural gasFor purposes of this chapter, the term taxable crude oil or natural gas means crude oil or natural gas which is produced from Federal submerged lands on the outer Continental Shelf in the Gulf of Mexico pursuant to a lease entered into with the United States which authorizes the production. (b)Removal priceFor purposes of this chapter—
(1)In generalExcept as otherwise provided in this subsection, the term removal price means— (A)in the case of taxable crude oil, the amount for which a barrel of such crude oil is sold, and
(B)in the case of taxable natural gas, the amount per 1,000 cubic feet for which such natural gas is sold. (2)Sales between related personsIn the case of a sale between related persons, the removal price shall not be less than the constructive sales price for purposes of determining gross income from the property under section 613.
(3)Oil or natural gas removed from property before saleIf crude oil or natural gas is removed from the property before it is sold, the removal price shall be the constructive sales price for purposes of determining gross income from the property under section 613. (4)Refining begun on propertyIf the manufacture or conversion of crude oil into refined products begins before such oil is removed from the property—
(A)such oil shall be treated as removed on the day such manufacture or conversion begins, and (B)the removal price shall be the constructive sales price for purposes of determining gross income from the property under section 613.
(5)PropertyThe term property has the meaning given such term by section 614. 5903.Special rules and definitions (a)Administrative requirements (1)Withholding and deposit of taxThe Secretary shall provide for the withholding and deposit of the tax imposed under section 5901 on a quarterly basis.
(2)Records and informationEach taxpayer liable for tax under section 5901 shall keep such records, make such returns, and furnish such information (to the Secretary and to other persons having an interest in the taxable crude oil or natural gas) with respect to such oil as the Secretary may by regulations prescribe. (3)Taxable periods; return of tax (A)Taxable periodExcept as provided by the Secretary, each calendar year shall constitute a taxable period.
(B)ReturnsThe Secretary shall provide for the filing, and the time for filing, of the return of the tax imposed under section 5901. (b)DefinitionsFor purposes of this chapter—
(1)ProducerThe term producer means the holder of the economic interest with respect to the crude oil or natural gas. (2)Crude oilThe term crude oil includes crude oil condensates and natural gasoline.
(3)Premises and crude oil productThe terms premises and crude oil product have the same meanings as when used for purposes of determining gross income from the property under section 613. (c)Adjustment of removal priceIn determining the removal price of oil or natural gas from a property in the case of any transaction, the Secretary may adjust the removal price to reflect clearly the fair market value of oil or natural gas removed.
(d)RegulationsThe Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this chapter.. (b)Deductibility of taxThe first sentence of section 164(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (4) the following new paragraph:

(5)The tax imposed by section 5901(a) (after application of section 5901(b)) on the severance of crude oil or natural gas from the outer Continental Shelf in the Gulf of Mexico.. (c)Clerical amendmentThe table of chapters for subtitle E is amended by adding at the end the following new item:

Chapter 56. Tax on severance of crude oil and natural gas from the outer Continental Shelf in the Gulf of Mexico..
(d)Effective dateThe amendments made by this section shall apply to crude oil or natural gas removed after December 31, 2021. 28.Repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels (a)In generalSection 7704(d)(1) of the Internal Revenue Code of 1986 is amended by inserting or any coal, petroleum, natural gas, or any derivative of coal, petroleum, or natural gas that is used for fuel after section 613(b)(7).
(b)Effective dateThe amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 29.Amortization of qualified tertiary injectant expenses (a)In generalSection 193 of the Internal Revenue Code of 1986 is amended—
(1)by striking subsection (a) and inserting the following:  (a)Amortization of qualified tertiary injectant expenses (1)In generalAny qualified tertiary injectant expenses paid or incurred by the taxpayer shall be allowed as a deduction ratably over the 84-month period beginning on the date that such expense was paid or incurred.
(2)Mid-month conventionFor purposes of paragraph (1), any expenses paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month.; and (2)by striking subsection (c) and inserting the following:

(c)Exclusive methodExcept as provided in this section, no depreciation or amortization deduction shall be allowed with respect to qualified tertiary injectant expenses.. (b)Effective dateThe amendments made by this section shall apply to expenses paid or incurred in taxable years beginning after the date of the enactment of this Act.
30.Amortization of development expenditures
(a)In generalSection 616 of the Internal Revenue Code of 1986 is amended to read as follows:  616.Amortization of development expenditures (a)In generalAny expenditures paid or incurred for the development of a mine or other natural deposit (other than an oil or gas well) if paid or incurred after the existence of ores or minerals in commercially marketable quantities has been disclosed shall be allowed as a deduction ratably over the 84-month period beginning on the date that such expenditure was paid or incurred.
(b)Mid-Month conventionFor purposes of subsection (a), any expenditures paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month. (c)Exclusive methodExcept as provided in this section, no depreciation or amortization deduction shall be allowed with respect to expenditures described in subsection (a).
(d)Treatment upon abandonmentIf any property with respect to which expenditures described in subsection (a) are paid or incurred is retired or abandoned during the 84-month period described in such subsection, no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this section shall continue with respect to such payment.. (b)Conforming amendments (1)The item relating to section 616 in the table of sections for part I of subchapter I of chapter 1 of the Internal Revenue Code of 1986 is amended to read as follows:

Sec. 616. Amortization of development expenditures..
(2)Section 56(a)(2)(A) of such Code is amended by striking 616(a) or. (3)Section 59(e) of such Code is amended—
(A)in paragraph (2)— (i)in subparagraph (C), by inserting or at the end;
(ii)by striking subparagraph (D); and (iii)by redesignating subparagraph (E) as subparagraph (D); and
(B)in paragraph (5)(A), by striking , 616(a),. (4)Section 263(a)(1) of such Code is amended by striking subparagraph (A).
(5)Section 263A(c)(3) of such Code is amended by striking 616,. (6)Section 291(b) of such Code is amended—
(A)in paragraph (1)(B), by striking 616(a) or; (B)in paragraph (2), by striking , 616(a),; and
(C)in paragraph (3), by striking , 616(a),. (7)Section 312(n)(2)(B) of such Code is amended by striking 616(a) or.
(8)Section 381(c) of such Code is amended by striking paragraph (10). (9)Section 1016(a) of such Code is amended by striking paragraph (9).
(10)Section 1254(a)(1)(A)(i) of such Code is amended by striking , 616,. (c)Effective dateThe amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this Act.
31.Amortization of certain mining exploration expenditures
(a)In generalSection 617 of the Internal Revenue Code of 1986 is amended to read as follows:  617.Amortization of certain mining exploration expenditures (a)In generalAny expenditures paid or incurred for the purpose of ascertaining the existence, location, extent, or quality of any deposit of ore or other mineral, and paid or incurred before the beginning of the development stage of the mine, shall be allowed as a deduction ratably over the 84-month period beginning on the date that such expense was paid or incurred.
(b)Mid-Month conventionFor purposes of subsection (a), any expenditures paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month. (c)Exclusive methodExcept as provided in this section, no depreciation or amortization deduction shall be allowed with respect to expenditures described in subsection (a).
(d)Treatment upon abandonmentIf any property with respect to which expenditures described in subsection (a) are paid or incurred is retired or abandoned during the 84-month period described in such subsection, no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this section shall continue with respect to such payment.. (b)Conforming amendments (1)The item relating to section 617 in the table of sections for part I of subchapter I of chapter 1 of the Internal Revenue Code of 1986 is amended to read as follows:

Sec. 617. Amortization of certain mining exploration expenditures..
(2)Section 56(a) of such Code, as amended by section 30(b)(2), is amended by striking paragraph (2). (3)Section 59(e) of such Code, as amended by section 30(b)(3), is amended—
(A)in paragraph (2)— (i)in subparagraph (B), by inserting or at the end;
(ii)in subparagraph (C), by striking the comma at the end and inserting a period; and (iii)by striking subparagraph (D); and
(B)by striking paragraph (5) and inserting the following:  (5)DispositionsIn the case of any disposition of property to which section 1254 applies (determined without regard to this section), any deduction under paragraph (1) with respect to amounts which are allocable to such property shall, for purposes of section 1254, be treated as a deduction allowable under section 263(c)..
(4)Section 170(e) of such Code is amended— (A)in paragraph (1), by striking 617(d)(1),; and
(B)in paragraph (3)(D), by striking 617,. (5)Section 263A(c)(3) of such Code, as amended by section 30(b)(5), is amended by striking 291(b)(2), or 617 and inserting or 291(b)(2).
(6)Section 291(b) of such Code, as amended by section 30(b)(6), is amended— (A)in the heading, by striking and mineral exploration and development costs;
(B)by striking paragraph (1) and inserting the following:  (1)In generalIn the case of an integrated oil company, the amount allowable as a deduction for any taxable year (determined without regard to this section) under section 263(c) shall be reduced by 30 percent.;
(C)in paragraph (2), by striking or 617(a) (as the case may be); and (D)in paragraph (3), by striking or 617(a) (whichever is appropriate).
(7)Section 312(n), as amended by section 30(b)(7), is amended by striking paragraph (2) and inserting the following:  (2)Intangible drilling costsAny amount allowable as a deduction under section 263(c) in determining taxable income (other than costs incurred in connection with a nonproductive well)—
(A)shall be capitalized, and (B)shall be allowed as a deduction ratably over the 60-month period beginning with the month in which such amount was paid or incurred..
(8)Section 703(b) of such Code is amended— (A)in paragraph (1), by adding or at the end;
(B)by striking paragraph (2); and (C)by redesignating paragraph (3) as paragraph (2).
(9)Section 751(c) of such Code is amended— (A)by inserting , as in effect on the day before the date of the enactment of the End Polluter Welfare Act of 2021 after section 617(f)(2); and
(B)by striking 617(d)(1),. (10)Section 1254(a)(1)(A)(i) of such Code, as amended by section 30(b)(10), is amended by striking or 617.
(11)Paragraph (2) of section 1363(c) of such Code is amended to read as follows:  (2)ExceptionIn the case of an S corporation, elections under section 901 (relating to taxes of foreign countries and possessions of the United States) shall be made by each shareholder separately..
(c)Effective dateThe amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this Act. 32.Amortization of intangible drilling and development costs in the case of oil and gas wells and geothermal wells (a)In generalSubsection (c) of section 263 of the Internal Revenue Code of 1986 is amended to read as follows:

(c)Intangible drilling and development costs in the case of oil and gas wells and geothermal wellsNotwithstanding subsection (a), and except as provided in subsection (i), in the case of any expenses paid or incurred in connection with intangible drilling and development costs related to oil and gas wells and wells drilled for any geothermal deposit (as defined in section 613(e)(2))— (1)such expenses shall be allowed as a deduction ratably over the 84-month period beginning on the date that such expense was paid or incurred,
(2)any such expenses paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month, (3)except as provided in this subsection, no depreciation or amortization deduction shall be allowed with respect to such expenses, and
(4)if any property with respect to which such intangible drilling and development costs are paid or incurred is retired or abandoned during such 84-month period, no deduction shall be allowed on account of such retirement or abandonment and the amortization deduction under this subsection shall continue with respect to such payment.. (b)Conforming amendments (1)Section 57(a)(2)(B)(i) of the Internal Revenue Code of 1986 is amended by striking 263(c) or.
(2)Section 59(e) of such Code, as amended by sections 30 and 31, is amended— (A)in paragraph (2)—
(i)in subparagraph (A), by inserting or at the end; (ii)in subparagraph (B), by striking the comma at the end and inserting a period; and
(iii)by striking subparagraph (C); and (B)by striking paragraph (5).
(3)Section 263A(c)(3) of such Code, as amended by sections 30 and 31, is amended by striking 263(c),. (4)Section 291 of such Code, as amended by sections 30 and 31, is amended by striking subsection (b).
(5)Section 312(n) of such Code, as amended by sections 30 and 31, is amended by striking paragraph (2). (c)Effective dateThe amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after the date of the enactment of this Act.
33.Permanent excise tax rate for funding of Black Lung Disability Trust Fund
(a)In generalSection 4121 of the Internal Revenue Code of 1986 is amended— (1)in subsection (b)—
(A)in paragraph (1), by striking $1.10 and inserting $1.38; and (B)in paragraph (2), by striking $.55 and inserting $0.69; and
(2)by striking subsection (e). (b)Effective dateThe amendments made by this section shall apply on and after the first day of the first calendar month beginning after the date of the enactment of this Act.
34.Termination of renewable electricity production credit eligibility for refined coalSection 45(e)(8)(A)(ii)(II) of the Internal Revenue Code of 1986 is amended by inserting and before the date of enactment of the End Polluter Welfare Act of 2021 after such taxable year. 35.Treatment of foreign oil related income as subpart F income (a)In generalSection 954(a) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and, and by adding at the end the following new paragraph:

(4)the foreign base company oil related income for the taxable year (determined under subsection (g) and reduced as provided in subsection (b)(5)).. (b)Foreign base company oil related incomeSection 954 of the Internal Revenue Code of 1986 is amended by inserting after subsection (e) the following new subsection:

(g)Foreign base company oil related incomeFor purposes of this section— (1)In generalExcept as otherwise provided in this subsection, the term foreign base company oil related income means foreign oil related income (within the meaning of paragraphs (2) and (3) of section 907(c)) other than income derived from a source within a foreign country in connection with—
(A)oil or gas which was extracted from an oil or gas well located in such foreign country, or (B)oil, gas, or a primary product of oil or gas which is sold by the foreign corporation or a related person for use or consumption within such country or is loaded in such country on a vessel or aircraft as fuel for such vessel or aircraft.Such term shall not include any foreign personal holding company income (as defined in subsection (c)).
(2)Paragraph (1) applies only where corporation has produced 1,000 barrels per day or more
(A)In generalThe term foreign base company oil related income shall not include any income of a foreign corporation if such corporation is not a large oil producer for the taxable year. (B)Large oil producerFor purposes of subparagraph (A), the term large oil producer means any corporation if, for the taxable year or for the preceding taxable year, the average daily production of foreign crude oil and natural gas of the related group which includes such corporation equaled or exceeded 1,000 barrels.
(C)Related groupThe term related group means a group consisting of the foreign corporation and any other person who is a related person with respect to such corporation. (D)Average daily production of foreign crude oil and natural gasFor purposes of this paragraph, the average daily production of foreign crude oil or natural gas of any related group for any taxable year (and the conversion of cubic feet of natural gas into barrels) shall be determined under rules similar to the rules of section 613A (as in effect on the day before the date of enactment of the End Polluter Welfare Act of 2021) except that only crude oil or natural gas from a well located outside the United States shall be taken into account..
(c)Conforming amendments
(1)Section 952(c)(1)(B)(iii) of the Internal Revenue Code of 1986 is amended by redesignating subclauses (I) through (IV) as subclause (II) through (V), respectively, and by inserting before subclause (II) (as so redesignated) the following:  (I)foreign base company oil related income,.
(2)Section 954(b) of such Code is amended— (A)by inserting at the end of paragraph (4) the following: The preceding sentence shall not apply to foreign base company oil-related income described in subsection (a)(4).;
(B)by striking and the foreign base company services income in paragraph (5) and inserting the foreign base company services income, and the foreign base company oil related income; and (C)by adding at the end the following new paragraph:

(6)Foreign base company oil related income not treated as another kind of base company incomeIncome of a corporation which is foreign base company oil related income shall not be considered foreign base company income of such corporation under paragraph (2) or (3) of subsection (a).. (d)Effective dateThe amendments made by this section shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act and to taxable years of United States shareholders ending with or within which such taxable years of foreign corporations end.
36.Repeal of exclusion of foreign oil and gas extraction income from the determination of tested income
(a)In generalSection 951A(c)(2)(A)(i) of the Internal Revenue Code of 1986 is amended— (1)by adding and at the end of subclause (III);
(2)by striking and at the end of subclause (IV) and inserting over; and (3)by striking subclause (V).
(b)Effective dateThe amendments made by this section shall apply to taxable years of foreign corporations beginning after the date of enactment of this Act, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end.  37.Termination of credit for carbon oxide sequestration (a)In generalSection 45Q of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(i)TerminationThis section shall not apply with respect to any qualified carbon oxide captured after the date of enactment of the End Polluter Welfare Act of 2021.. (b)Report (1)In generalNot later than 6 months after the date of enactment of this Act, the Secretary of the Treasury, or the Secretary's delegate, shall submit a report to Congress, to be made available to the public, which provides the following information:
(A)The taxpayer identity information of any taxpayer for which the carbon oxide sequestration credit under section 45Q of the Internal Revenue Code of 1986 was allowed for any taxable year following the enactment of such section. (B)The total amount of the credit allowed pursuant to such section to each taxpayer described in subparagraph (A).
(C)With respect to the amount described in subparagraph (B), the amount of such credit allowed with respect to each of the following: (i)Qualified carbon oxide which was captured and disposed of by the taxpayer in secure geological storage and not used by the taxpayer as described in clause (ii) or (iii).
(ii)Qualified carbon oxide which was captured and used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project and disposed of by the taxpayer in secure geological storage. (iii)Qualified carbon oxide which was captured and utilized by the taxpayer in a manner described in section 45Q(f)(5) of the Internal Revenue Code of 1986.
(2)Exception from rules regarding confidentiality and disclosure of returns and return informationSection 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following:  (23)Disclosure of return information for public report on carbon oxide sequestration creditThe Secretary may disclose taxpayer identity information and return information to the extent the Secretary deems necessary for purposes of the report issued pursuant to section 37 of the End Polluter Welfare Act of 2021..
38.Powder River Basin
(a)Designation of the Powder River Basin as a coal producing regionAs soon as practicable after the date of enactment of this Act, the Director of the Bureau of Land Management shall designate the Powder River Basin as a coal producing region. (b)ReportNot later than 1 year after the date of enactment of this Act, the Director of the Bureau of Land Management shall submit to Congress a report that includes—
(1)a study of the fair market value and the amount and effective rate of royalties paid on coal leases in the Powder River Basin compared to other national and international coal basins and markets; and (2)any policy recommendations to capture the future market value of the coal leases in the Powder River Basin.
39.Study and elimination of additional fossil fuel subsidies
(a)Definition of fossil-Fuel production subsidyIn this section, the term subsidy for fossil-fuel production means any direct funding, tax treatment or incentive, risk-reduction benefit, financing assistance or guarantee, royalty relief, or other provision that provides a financial benefit to a fossil-fuel company for the production of fossil fuels. (b)Report to CongressNot later than 1 year after the date of enactment of this Act, the Secretary of the Treasury or the Secretary's delegate (referred to in this section as the Secretary), in coordination with the Secretary of Energy, shall submit to Congress a report detailing each Federal law (including regulations), other than those amended by this Act, as in effect on the date on which the report is submitted, that includes a subsidy for fossil-fuel production.
(c)Report on modified recovery period
(1)In generalNot later than 1 year after the date of enactment of this Act, the Secretary, in coordination with the Commissioner of Internal Revenue, shall submit to Congress a report on the applicable recovery period under the accelerated cost recovery system provided in section 168 of the Internal Revenue Code of 1986 for each type of property involved in fossil-fuel production, including pipelines, power generation property, refineries, and drilling equipment, to determine if any assets are receiving a subsidy for fossil-fuel production. (2)Elimination of subsidyIn the case of any type of property that the Secretary determines is receiving a subsidy for fossil-fuel production under such section 168, for property placed in service in taxable years beginning after the date of such determination, such section 168 shall not apply. The preceding sentence shall not apply to any property with respect to a taxable year unless such determination is published before the first day of such taxable year.


110 HR 2806 IH: Safety Net Enhancement Act
U.S. House of Representatives
2007-06-21
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

		I
		110th CONGRESS
		1st Session
		H. R. 2806
		IN THE HOUSE OF REPRESENTATIVES

			June 21, 2007
			Mr. English of
			 Pennsylvania (for himself, Mr.
			 McCotter, Mrs. Capito, and
			 Mr. Gerlach) introduced the following
			 bill; which was referred to the Committee
			 on Ways and Means, and in addition to the Committee on
			 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

		A BILL
		To reform the Federal unemployment benefits system, and
		  for other purposes.

		1.Short title; table of
			 contents
			(a)Short
			 titleThis Act may be cited as the Safety Net Enhancement Act.
			(b)Table of
			 contentsThe table of contents is as follows:

					Sec. 1. Short title; table of contents.
					Title I—Administrative Reforms
					Sec. 101. Extended benefits trigger.
					Sec. 102. Increase and decrease in earnings credited to State
				accounts when States meet or fail to meet funding goals.
					Sec. 103. Interest-free advances to State accounts in
				Unemployment Trust Fund restricted to States which meet funding
				goals.
					Sec. 104. State collection of Federal unemployment
				tax.
					Sec. 105. Required distribution of State-specific information
				packets.
					Title II—Repeal of tax on unemployment compensation
					Sec. 201. Repeal of tax on unemployment
				compensation.
					Title III—Safety Net Review Commission
					Sec. 301. Establishment.
					Sec. 302. Function.
					Sec. 303. Members.
					Sec. 304. Staff and other assistance.
					Sec. 305. Compensation.
					Sec. 306. Report.
					Sec. 307. Termination.

			IAdministrative
			 Reforms
			101.Extended benefits
			 trigger
				(a)In
			 generalSection 203(d) of the Federal-State Extended Unemployment
			 Compensation Act of 1970 (26 U.S.C. 3304 note) is amended—
					(1)in subparagraph
			 (B) of paragraph (1), by striking 5 per centum and inserting
			 4 per centum, and
					(2)in the first flush
			 sentence following paragraph (2), by striking 5 and inserting
			 4.
					(b)Effective
			 dateThe amendments made by subsection (a) shall apply to weeks
			 of unemployment beginning 6 months or more after the date of the enactment of
			 this Act.
				102.Increase and
			 decrease in earnings credited to State accounts when States meet or fail to
			 meet funding goals
				(a)In
			 generalSection 904 of the Social
			 Security Act (42 U.S.C. 1104) is amended by adding at the end the
			 following new subsection:

						(h)Increase and
				decrease in amount of earnings allocated to state accounts when states meet or
				fail To meet funding goals(1)If the average daily
				balance in a State account in the Unemployment Trust Fund for any calendar
				quarter exceeds the funding goal of such State, the amount otherwise creditable
				to such account under subsection (e) for such quarter shall be increased by the
				interest premium on such excess. If the average daily balance in such a State
				account for any calendar quarter is less than the funding goal of such State,
				the amount otherwise creditable to such account under subsection (e) for such
				quarter shall be decreased by the interest penalty.
							(2)Paragraph (1) shall not apply with
				respect to any interest premium or interest penalty to the extent that such
				application would result in an increase or decrease of more than $2,500,000 in
				the amount creditable to any State account for any calendar quarter.
							(3)For purposes of this subsection, the
				term interest premium means, for any calendar quarter—
								(A)with respect to the State with the
				largest percentage value of excess of the average daily balance in the State
				account in the Unemployment Trust Fund over the funding goal of such State,
				one-half of one percent of the amount of such excess, and
								(B)with respect to each other State, the
				product of—
									(i)the amount of the excess of the
				average daily balance in the State account in the Unemployment Trust Fund over
				the funding goal of such State, and
									(ii)the percentage which bears the
				same ratio to one-half of one percent as—
										(I)the percentage value of such excess,
				bears to
										(II)the percentage value of the excess of
				the State referred to in subparagraph (A).
										The
				Secretary shall make appropriate adjustments in the interest premium for any
				calendar quarter if the aggregate interest premiums payable for such quarter
				exceed the aggregate interest penalties for such quarter.(4)For purposes of this subsection, the
				term interest penalty means, for any calendar quarter—
								(A)with respect to the State with the
				largest percentage value of excess of the funding goal of such State over the
				average daily balance in the State account in the Unemployment Trust Fund,
				one-half of one percent of the amount otherwise creditable to such account
				under subsection (e), and
								(B)with respect to each other State, the
				product of—
									(i)the amount otherwise creditable to
				such account under subsection (e), and
									(ii)the percentage which bears the
				same ratio to one-half of one percent as—
										(I)the percentage value of the excess of the
				funding goal of the State over such average daily balance of such State, bears
				to
										(II)the percentage value of such excess of
				the State referred to in subparagraph (A).
										(5)For purposes of this subsection, the
				term funding goal means, for any State for any calendar quarter,
				the average of the unemployment insurance benefits paid by such State during
				each of the 3 years, in the 20-year period ending with the calendar year
				containing such calendar quarter, during which the State paid the greatest
				amount of unemployment benefits.
							(6)For purposes of this subsection, the
				term percentage value means—
								(A)with respect to any excess of the
				average daily balance in a State account in the Unemployment Trust Fund over
				the funding goal of such State, the percentage which such excess bears to such
				funding goal, and
								(B)with respect to any excess of such
				funding goal over such average daily balance, the percentage which such excess
				bears to such funding
				goal.
								.
				(b)Conforming
			 amendments
					(1)Amounts credited
			 to State accountsSubsection (e) of section 904 of the
			 Social Security Act (42 U.S.C.
			 1104(e)) is amended in the first sentence by inserting (as modified by
			 subsection (h)) after a proportionate part.
					(2)Interest rate on
			 repayment of advances determined without regard to interest premiums or
			 penalties on amounts credited to state accountsSubparagraph (A)
			 of section 1202(b)(4) of such Act (42 U.S.C. 1322(b)(4)) is amended by
			 inserting (determined without regard to section 904(h)) after
			 preceding calendar year.
					(c)ReportNot
			 later than 6 months after the date of the enactment of this Act, the Secretary
			 of Labor shall submit to the Congress a report recommending sources of funding
			 for the crediting of interest premiums under subsection (h) of section 904 of
			 the Social Security Act (42 U.S.C.
			 1104), as added by this section, in the event that the imposition of interest
			 penalties under such subsection is insufficient to fund such premiums.
				(d)Effective
			 DateThe amendments made by this section shall apply to calendar
			 years beginning after December 31, 2010.
				103.Interest-free
			 advances to State accounts in Unemployment Trust Fund restricted to States
			 which meet funding goals
				(a)In
			 generalSubparagraph (C) of section 1202(b)(2) of the
			 Social Security Act (42 U.S.C.
			 1322(b)(2)) is amended to read as follows:

						(C)the average daily balance in the
				account of such State in the Unemployment Trust Fund for each of 4 of the 5
				calendar quarters preceding the calendar quarter in which such advances were
				made exceeds the funding goal of such State (as defined in section
				904(h)).

				(b)Effective
			 dateThe amendment made by subsection (a) shall apply to calendar
			 years beginning after the date of the enactment of this Act.
				104.State collection
			 of Federal unemployment tax
				(a)In
			 GeneralChapter 23 of the Internal Revenue Code of 1986 (relating
			 to Federal Unemployment Tax Act) is amended by redesignating section 3311 as
			 section 3312 and by inserting after section 3310 the following new
			 section:

						3311.State
				collection of tax
							(a)In
				generalAt the election of any State which is certified as
				provided in section 3304, each employer who pays contributions, with respect to
				any wages, into an unemployment fund maintained under the unemployment
				compensation law of such State shall submit the tax imposed by this chapter
				with respect to such wages to such State rather than to the Secretary.
							(b)Coordination
				with depositary requirementsPayment under subsection (a) of the
				tax imposed by this chapter with respect to any wages shall be treated as
				timely paid for purposes of this title if paid by the employer to the State at
				the same time as a timely paid payment, with respect to such wages, of
				contributions into an unemployment fund maintained under the unemployment
				compensation law of such State.
							(c)Exception for
				payments not timely paidSubsection (a) shall not apply to any
				payment of the tax imposed by this chapter which is not paid by an employer on
				or before the last date on which such payment would be treated as timely paid
				under subsection (b).
							(d)Federal tax
				transferred to SecretaryEach State making an election under
				subsection (a) shall transmit to the Secretary, at the time and in the manner
				prescribed by the Secretary, the amount of the tax imposed by this chapter
				which is submitted to such State under subsection (a) and a copy of the State
				tax return of each employer making such a submission. The Secretary may, after
				consultation with such organizations or other entities as the Secretary
				considers appropriate, prescribe regulations requiring that additional
				information be submitted by such State with respect to the amount of such tax
				payable by such
				employer.
							.
				(b)Clerical
			 amendmentThe table of sections for chapter 23 of such Code is
			 amended by striking the item relating to section 3311 and inserting the
			 following new items:

							Sec. 3311. State collection of
				tax.
							Sec. 3312. Short
				title.

						.
				(c)Effective
			 DateThe amendments made by this section shall apply to taxable
			 years beginning after December 31, 2007.
				105.Required
			 distribution of State-specific information packets
				(a)In
			 GeneralSubsection (a) of section 3304 of the Internal Revenue
			 Code of 1986 (relating to approval of State laws) is amended by striking
			 and at the end of paragraph (18), by striking the period at the
			 end of paragraph (19) and inserting ; and, and by adding at the
			 end the following new paragraph:

						(20)the State will
				distribute to unemployed individuals State-specific information packets
				explaining unemployment insurance eligibility
				conditions.
						.
				(b)Effective
			 DateThe amendment made by subsection (a) shall apply to
			 certifications of States for 2008 and thereafter, except that section
			 3304(a)(20) of the Internal Revenue Code of 1986, as added by subsection (a),
			 shall not be a requirement for the State law of any State prior to July 1,
			 2009, if the legislature of such State does not meet in a regular session which
			 closes during the calendar year 2008.
				IIRepeal of tax on
			 unemployment compensation
			201.Repeal of tax
			 on unemployment compensation
				(a)In
			 generalSection 85 of the Internal Revenue Code of 1986 is hereby
			 repealed.
				(b)Conforming
			 amendments
					(1)Subsection (p) of
			 section 3402 of such Code is amended by striking paragraph (2) and by
			 redesignating paragraph (3) as paragraph (2).
					(2)Section 6050B of
			 such Code (relating to returns relating to unemployment compensation) is hereby
			 repealed.
					(3)The table of
			 sections for part II of subchapter B of chapter 1 of such Code is amended by
			 striking the item relating to section 85.
					(4)The table of
			 sections for subpart B of part III of subchapter A of chapter 61 of such Code
			 is amended by striking the item relating to section 6050B.
					(c)Effective
			 dateThe amendments made by this section shall apply to amounts
			 received after December 31, 2007.
				IIISafety Net Review
			 Commission
			301.EstablishmentThe Secretary of Labor shall establish an
			 advisory commission to be known as the Safety Net Review
			 Commission (hereinafter in this title referred to as the
			 Commission).
			302.FunctionIt shall be the function of the Commission
			 to evaluate the unemployment compensation program, the Trade Adjustment
			 Assistance program, the Job Corps program, a program under the Workforce
			 Investment Act, and other employment assistance programs, including the
			 purpose, goals, countercyclical effectiveness, coverage, benefit adequacy,
			 trust fund solvency, funding of State administrative costs, administrative
			 efficiency, and any other aspects of each such program, as well as any related
			 provisions of the Internal Revenue Code of 1986, and to make recommendations
			 for their improvement.
			303.Members
				(a)In
			 generalThe Commission shall consist of 11 members as
			 follows:
					(1)5
			 members appointed by the President, to include representatives of business,
			 labor, State government, and the public.
					(2)3
			 members appointed by the President pro tempore of the Senate, in consultation
			 with the Chairman and ranking member of the Committee on Finance of the
			 Senate.
					(3)3
			 members appointed by the Speaker of the House of Representatives, in
			 consultation with the Chairman and ranking member of the Committee on Ways and
			 Means of the House of Representatives.
					(b)QualificationsIn
			 appointing members under paragraphs (2) and (3) of subsection (a), the
			 President pro tempore of the Senate and the Speaker of the House of
			 Representatives shall each appoint—
					(1)1
			 representative of the interests of business,
					(2)1
			 representative of the interests of labor, and
					(3)1
			 representative of the interests of State governments.
					(c)VacanciesA
			 vacancy in the Commission shall be filled in the manner in which the original
			 appointment was made.
				(d)ChairmanThe
			 President shall appoint the Chairman of the Commission from among its
			 members.
				304.Staff and other
			 assistance
				(a)In
			 generalThe Commission may engage any technical assistance
			 (including actuarial services) required by the Commission to carry out its
			 functions under this title.
				(b)Assistance from
			 Secretary of LaborThe Secretary of Labor shall provide the
			 Commission with any staff, office facilities, and other assistance, and any
			 data prepared by the Department of Labor, required by the Commission to carry
			 out its functions under this title.
				305.CompensationEach member of the Commission—
				(1)shall be entitled
			 to receive compensation at the rate of pay for level V of the Executive
			 Schedule under section 5316 of title 5, United States Code, for each day
			 (including travel time) during which such member is engaged in the actual
			 performance of duties vested in the Commission; and
				(2)while engaged in
			 the performance of such duties away from such member's home or regular place of
			 business, shall be allowed travel expenses (including per diem in lieu of
			 subsistence) as authorized by section 5703 of such title 5 for persons in the
			 Government employed intermittently.
				306.ReportNot later than 6 months after the date of
			 the enactment of this Act, the Commission shall submit to the President and the
			 Congress a report setting forth the findings and recommendations of the
			 Commission as a result of its evaluation under this title.
			307.TerminationThe Commission shall terminate 2 months
			 after submitting its report pursuant to section 306.


110 HR 666 IH: Healthcare Disclosure Act of

U.S. House of Representatives
2007-01-24
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

		I
		110th CONGRESS
		1st Session
		H. R. 666
		IN THE HOUSE OF REPRESENTATIVES

			January 24, 2007
			Mr. Cooper introduced
			 the following bill; which was referred to the
			 Committee on Ways and
			 Means

		A BILL
		To amend the Internal Revenue Code of 1986 to require
		  that amounts paid for employer-provided coverage under accident or health plans
		  be included on W–2 Forms.

		1.Short titleThis Act may be cited as the
			 Healthcare Disclosure Act of
			 2007.
		2.Amounts paid for
			 employer-provided coverage under accident or health plans included on W–2
			 Forms
			(a)In
			 generalSubsection (a) of
			 section 6051 of the Internal Revenue Code of 1986 (relating to receipts for
			 employees) is amended by striking and at the end of paragraph
			 (12), by striking the period at the end of paragraph (13) and inserting
			 , and, and by inserting after paragraph (13) the following new
			 paragraph:

					(14)the total amount paid for coverage under an
				accident or health plan (determined under section 4980B(f)(4)) which is
				excludable from gross income under section
				106.
					.
			(b)Effective
			 dateThe amendments made by this section shall apply to taxable
			 years beginning after December 31, 2006.


117 HR 5045 IH: Blockchain Regulatory Certainty Act
U.S. House of Representatives
2021-08-17
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS1st SessionH. R. 5045IN THE HOUSE OF REPRESENTATIVESAugust 17, 2021Mr. Emmer (for himself and Mr. Soto) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.1.Short titleThis Act may be cited as the Blockchain Regulatory Certainty Act.2.Safe harbor for non-controlling blockchain developers and providers of blockchain services(a)Protection for non-Controlling blockchain services and software developersNo blockchain developer or provider of a blockchain service shall be treated as a money transmitter (as defined under State licensing laws), a financial institution (as defined under section 5312 of title 31, United States Code), or any other State or Federal legal designation requiring licensing or registration as a condition to acting as a blockchain developer or provider of a blockchain service, unless the developer or provider has, in the regular course of business, control over digital currency to which a user is entitled under the blockchain service or the software created, maintained, or disseminated by the blockchain developer.(b)Effect on other laws(1)Intellectual property lawNothing in this section shall be construed to limit or expand any law pertaining to intellectual property.(2)State lawNothing in this section shall be construed to prevent any State from enforcing any State law that is consistent with this section. No cause of action may be brought and no liability may be imposed under any State or local law that is inconsistent with this section.(c)DefinitionsAs used in this section:(1)Blockchain networkThe term blockchain network means any system of networked computers that cooperates to reach consensus over the state of a computer program and allows users to participate in the consensus-making process without the need to license proprietary software or obtain permission from any other user. The term includes, specifically, a public network of computers that cooperates to reach consensus over the state of a distributed ledger describing transactions in a digital currency.(2)Blockchain developerThe term blockchain developer means any person or business that creates, maintains, or disseminates software facilitating the creation or maintenance of a blockchain network or a blockchain service.(3)Blockchain serviceThe term blockchain service means any information, transaction, or computing service or system that provides or enables access to a blockchain network by multiple users, including specifically a service or system that enables users to send, receive, exchange, or store digital currencies described by blockchain networks.(4)ControlThe term control means the legal right, authority, or ability to obtain upon demand data sufficient to initiate transactions spending an amount of digital currency.(5)Digital currencyThe term digital currency means a medium of exchange, a unit of account, or a store of value that is represented by entries in a distributed ledger generated by a blockchain network.