H.R.2026 - Renewables and Energy Efficiency Incentives Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. McDermott, Jim [D-WA-7] (Introduced 05/06/1993)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/24/1993 Subcommittee Hearings Held. (All Actions)|
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Summary: H.R.2026 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (05/06/1993)
TABLE OF CONTENTS:
Title I: Incentives for Production and Use of
Renewable Energy Sources
Title II: Incentives to Promote Energy Efficiency
Title III: Revenue Increases
Renewables and Energy Efficiency Incentives Act of 1993 - Title I: Incentives for Production and Use of Renewable Energy Sources - Amends the Internal Revenue Code to allow energy tax credits to offset 25 percent of tentative minimum tax.
Includes certain small wind turbine equipment as energy property for purposes of the energy credit.
Makes lessees of electric facilities eligible for the credit for producing electricity from renewable resources.
Title II: Incentives to Promote Energy Efficiency - Makes certain trucks, vans, and buses eligible for the deduction for clean-fuel vehicles. Denies any credit for which such deduction is allowable.
Allows electric or gas utilities a deduction for energy conservation expenditures.
Removes the limitation on the exclusion from gross income for nonresidential property for energy conservation subsidies provided by public utilities.
Title III: Revenue Increases - Reduces the credit for ethanol blenders. Increases the Highway Trust Fund financing rate for determining the tax on gasoline mixed with alcohol at a refinery. Reduces such financing rate for methanol and ethanol fuels.
Prohibits an exemption from tax for interest on any bond used to finance certain electric generating facilities.
Repeals the tax-exempt status of electric companies.
Imposes a security rate tax on petroleum.
Limits the deduction for percentage depletion for oil and gas wells to their adjusted basis.
Repeals the exception from passive loss limitations for working interests in oil and gas properties.