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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Rigs to Reefs Act of 2003''.

SEC. 2. AUTHORITY TO USE DECOMMISSIONED OFFSHORE OIL AND GAS PLATFORMS
FOR MARICULTURE, ARTIFICIAL REEF, OR SCIENTIFIC RESEARCH.

(a) In General.--The Outer Continental Shelf Lands Act (43 U.S.C.
1301 et seq.) is amended by inserting after section 9 the following:

''SEC. 10. USE OF DECOMMISSIONED OFFSHORE OIL AND GAS PLATFORMS FOR
MARICULTURE, ARTIFICIAL REEF, OR SCIENTIFIC RESEARCH.

''(a) In General.--The Secretary shall issue regulations under
which the Secretary may authorize use of an offshore oil and gas
platform that is decommissioned from service for oil and gas purposes
for culture of marine organisms, an artificial reef, or scientific
research.
''(b) Limitation on Liability.--A person that used an offshore oil
and gas platform for oil and gas purposes and that does not have any
ownership or control of the platform shall not be liable under Federal
law for any costs or damages arising from such platform after the date
the platform is used for culture of marine organisms, an artificial
reef, or scientific research under this section, unless such costs or
damages arise from--
''(1) use of the platform by the person for development or
production of oil or gas; or
''(2) another act or omission of the person.
''(c) Other Leasing and Use Not Affected.--This section, and the
use of any offshore oil and gas platform for culture of marine
organisms, an artificial reef, or scientific research under this
section, shall not affect--
''(1) the authority of the Secretary to lease any area
under this Act; or
''(2) any activity otherwise authorized by a lease under
this Act.''.
(b) Deadline for Regulations.--The Secretary of the Interior shall
issue regulations under subsection (a) by not later than 180 days after
the date of the enactment of this Act.
(c) Study and Report on Effects of Removal of Platforms.--Not later
than one year after the date of the enactment of this Act, the
Secretary of Interior, in consultation with other Federal agencies as
necessary, shall study and report to the Congress regarding how the
removal of offshore oil and gas platforms from the outer Continental
Shelf would affect existing fish stocks and coral populations.

SEC. 3. CREDIT FOR COSTS RELATING TO CONVERTING OFFSHORE OIL AND GAS
PLATFORMS FOR USE IN CULTURING MARINE ORGANISMS.

(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business-related
credits) is amended by adding at the end the following new section:

''SEC. 45G. CREDIT FOR COSTS RELATING TO CONVERTING OFFSHORE OIL AND
GAS PLATFORMS FOR CULTURING MARINE ORGANISMS.

''(a) General Rule.--For purposes of section 38, the marine
organisms culturing credit is an amount equal to 30 percent of the
qualified marine organisms culturing expenditures of the taxpayer
during the taxable year.
''(b) Qualified Marine Organisms Culturing Expenditures.--For
purposes of subsection (a), the term 'qualified marine organisms
culturing expenditures' means, with respect to a platform owned by the
taxpayer--
''(1) amounts paid or incurred for maintaining an offshore
oil and gas platform from the time such platform is
decommissioned from service for oil and gas purposes to the
time it is converted for use in the culture of marine
organisms, including costs of moving such platform to the
reefing location, if applicable,
''(2) an amount equal to the excess (if any) of--
''(A) the costs of converting such platform for use
in the culture of marine organisms, over
''(B) the amount that could have been received if
such platform were sold as scrap on shore.
''(c) Election.--This section shall apply to any taxpayer for any
taxable year only if such taxpayer elects (at such time and in such
manner as the Secretary may by regulations prescribe) to have this
section apply for such taxable year.''.
(b) Conforming Amendments.--
(1) Subsection (b) of section 38 of such Code is amended by
striking ''plus'' at the end of paragraph (14), by striking the
period at the end of paragraph (15) and inserting '', plus'',
and by adding at the end the following new paragraph:
''(16) the marine organisms culturing credit determined
under section 45G(a).''.
(2) No carryback before effective date.--Subsection (d) of
section 39 of such Code (relating to carryback and carryforward
of unused credits) is amended by adding at the end the
following new paragraph:
''(11) No carryback of section 45g credit before effective
date.--No portion of the unused business credit for any taxable
year which is attributable to the credit determined under
section 45G may be carried back to a taxable year ending before
January 1, 2004.''.
(3) The table of sections for subpart D of part IV of
subchapter A of chapter 1 of such Code is amended by adding at
the end the following new item:

''Sec. 45G. Credit for costs relating to
converting offshore oil and gas
platforms for culturing marine
organisms.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2003.
Output:
Rigs to Reefs Act of 2003 - Amends the Outer Continental Shelf Lands Act to instruct the Secretary of the Interior to issue regulations authorizing the use for culture of marine organisms, an artificial reef, or scientific research of any offshore oil and gas platform decommissioned from service for oil and gas purposes.

Denies liability under Federal law of any former owner of an offshore oil and gas platform for costs or damages arising from use of it for culture of marine organisms, an artificial reef, or scientific research, unless such costs or damages arise from: (1) use of the platform by the person for development or production of oil or gas; or (2) another act or omission.

Amends the Internal Revenue Code of 1986 (relating to business-related credits) to establish an income tax credit for costs relating to converting offshore oil and gas platforms for culturing marine organisms.