A bill to provide incentives for improved and efficient use of energy sources, and for other purposes
Excludes from gross income any income attributable to independent producer oil from a recovered inactive well.
Subtitle B: Other Incentives - Permits a taxpayer to elect to expense: (1) geological and geophysical expenditures; and (2) delay rental payments incurred in connection with oil and gas development.
Extends: (1) the time period applicable to the special rule for spudding of oil or gas wells; and (2) the enhanced oil recovery credit to certain nontertiary recovery methods.
Title II: Strategic Petroleum Reserve - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy to draw down and distribute the Strategic Petroleum Reserve at market price whenever the President determines that the market price of crude oil exceeds a specified market price and that a drawdown of the SPR would be in the best interest of the United States.
Authorizes appropriations.
Title III: Weatherization Program - Amends the Department of the Interior and Related Agencies Appropriations Act, 2000 to repeal the cost-sharing requirement presently incumbent upon States participating in the weatherization assistance grant program.
Title IV: Alternative Fuels - Amends the IRC to prescribe guidelines for the allocation of the small ethanol producer credit to patrons of certain cooperative organizations.
Title V: Qualified Electric Vehicles - Amends the IRC to modify guidelines governing credit for qualified electric vehicles.
Title VI: Wind Production Tax Credit - Amends the IRC to extend the wind production tax credit to a qualified facility placed in service before July 1, 2004 (currently, before January 1, 2002).
Introduced in Senate
Read twice and referred to the Committee on Finance.
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