Summary: H.R.6417 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.6417. Bill summaries are authored by CRS.

Shown Here:
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.