H.R.6417 - Climate Change Investment Act of 2006109th Congress (2005-2006)
|Sponsor:||Rep. Meehan, Martin T. [D-MA-5] (Introduced 12/07/2006)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 12/07/2006 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6417 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (12/07/2006)
Climate Change Investment Act of 2006 - Repeals provisions of the Internal Revenue Code allowing: (1) an election to expense the cost of certain liquid fuel processing refineries; (2) accelerated amortization of geological and geophysical expenditures; (3) a tax credit for enhanced oil recovery costs; (4) a tax credit for the production of low sulfur diesel fuel; (5) a tax credit for producing fuel from a nonconventional source; (6) a tax deduction for capital costs incurred in complying with certain sulfur regulations; (7) a tax deduction for intangible drilling and development costs for oil and gas wells and geothermal wells; and (8) tax deductions for certain oil and gas well expenditures.
Allows a business-related tax credit for investment in a greenhouse gas intensity reduction project approved by the Secretary of Energy.