H.R. 498 · 110th Congress
Energy Policy Reinvestment Act of 2007
- Stage
- In committee
- Sponsor
- Albert Wynn
- Introduced
- 2007-01-16
- Latest action
- 2007-03-20 · Referred to the Subcommittee on Government Management, Organization, and Procurement.
Summary
Energy Policy Reinvestment Act of 2007 - Amends the Internal Revenue Code to repeal: (1) the expensing allowance for liquid fuel refineries; (2) accelerated depreciation for natural gas distribution and gathering lines; (3) expanded eligibility of small petroleum refiners for the exception to limitations on the oil and gas depletion allowance; and (4) accelerated amortization of geological and geophysical expenditures. Directs that any revenues resulting from these repeals be made available for certain hydrogen and fuel cell technology programs.