Description: TO AMEND H.R. 6860 BY STRIKING TITLE II, RELATING TO A GASOLINE CONSERVATION PROGRAM.
Bill summary: (Reported to Senate from the Committee on Finance with amendment, S. Rept. 94-1181)
Energy Conservation and Production Revenue Act - Amends the Internal Revenue Code to allow a refundable credit against the income tax of 30 percent of the first $750 up to a maximum of $225 for expenses of insulating a residence or its heating system, and making heating systems more efficient in a residence.
Allows a refundable income tax credit for solar and geothermal energy equipment of 40 percent of the
first $1,000 of expenses plus 25 percent of the next $6,400 of expenses up to a maximum credit of $2,000. Provides a refundable income tax credit of one-half the percentage amount of the credit for solar and geothermal energy equipment for the installation of heat pumps in connection with any residential use by the taxpayer. Stipulates that for purposes of this Act, qualified wind-related energy equipment expenditures are to be treated as qualified solar energy equipment.
Expands the types of property eligible for the investment tax credit to include: (1) insulation and other energy-saving components which are installed in existing buildings and structures used in a trade or business or for the production of income; (2) solar energy equipment, wind-related energy equipment, or geothermal energy equipment; (3) waste conversion equipment; (4) organic fuel conversion equipment; (5) railroad equipment; (6) deep mining coal equipment; (7) coal processing equipment; and (8) shale oil conversion equipment.
Allows as an income tax deduction an amount equal to 22 percent of the gross income from geothermal energy property for the taxable year up to a maximum of 50 percent of the taxpayer's taxable income from the geothermal energy property.
Eliminates the investment tax credit for expenses related to portable air conditioning and heating units.
Directs the Secretary of the Treasury, in cooperation with the Administrator of the Environmental Protection Agency, to study what the proper role of the Government should be in encouraging the recycling of solid waste materials.
Repeals the excise tax on all buses, bus parts, and accessories.
Exempts from the six cents per gallon excise tax, new oil used to mix with old oil if the new oil constitutes up to 55 percent of the mixture.
Exempts from the two cents per gallon retailers excise tax special motor fuels sold or used for a nonhighway motor vehicle.
Provides for duty-free treatment of oil imported from Canada under company-to-company oil swap arrangements made pursuant to agreement between the governments of the United States and Canada.
Imposes a tax of one-half cent per gallon on gasoline.
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Bill titles: A bill to provide a comprehensive national energy conservation and conversion program.
Original source documents: Digest of the Congressional Record vol. 121-91, p. H5325;
Links for more info on the vote: congress.gov