BillWatch.us: H6

Bill Summary

H6: An Act to move the United States toward greater energy independence and security, to increase the production of clean renewable fuels, to protect consumers, to increase the efficiency of products, buildings, and vehicles, to promote research on and deploy greenhouse gas capture and storage options, and to improve the energy performance of the Federal Government, and for other purposes [0 comments]

Amends the Internal Revenue Code with respect to the deduction from gross income of any attributable to domestic production activities. Excludes from domestic production gross receipts those derived from the sale, exchange, or other disposition of oil, natural gas, or any related primary product. (Thus denies a deduction for income attributable to domestic production of oil, natural gas, or their related primary products.)
Increases from five to seven years the amortization schedule for geological and geophysical expenditures for certain major integrated oil companies.
Instructs the Secretary of the Interior to agree to any lessee request to amend any lease issued for any Central and Western Gulf of Mexico (Gulf) tract during 1998 and 1999 to incorporate specified price thresholds applicable to royalty suspension provisions.
Reaffirms the authority of the Secretary to vary, based on the price of production from a lease, the suspension of royalties under specified leases on the Outer Continental Shelf.
Cites conditions for the issuance of new leases authorizing oil or natural gas production in the Gulf.
Instructs the Secretary to establish conservation of resources fees for both producing and nonproducing federal oil and gas leases in the Gulf.
Sets forth terms restricting the transfer of such leases.
Amends the Energy Policy Act of 2005 to repeal: (1) specified incentives for natural gas production from deep wells in shallow waters of the Gulf; (2) royalty relief for deep water production in the Gulf; and (3) the prohibition on cost recovery fees for drilling-related permit application during the Federal Permit Streamlining Pilot Project.
Amends the Outer Continental Shelf Lands Act to remove the Planning Areas offshore Alaska from the list of areas for which the Secretary is authorized to reduce or eliminate any royalty or net profit share set forth in the pertinent lease.
Amends the Naval Petroleum Reserves Production Act of 1976 to repeal provisions governing oil and gas leasing in the National Petroleum Reserve in Alaska regarding: (1) renewal of competitive oil and gas leases, with or without discoveries; and (2) waiver, suspension, or reduction of rental fees or royalties on leaseholds as exploration incentives.
Establishes the Strategic Energy Efficiency and Renewables Reserve to hold federal receipts acquired as a result of the enactment of this Act.