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Foreign Oil Displacement Act (Introduced in the House)

HR 2175 IH

105th CONGRESS

1st Session

H. R. 2175

To amend the Internal Revenue Code of 1986 to provide an investment credit to promote the conversion of United States coal and domestic carbonaceous feedstocks into liquid fuels.

IN THE HOUSE OF REPRESENTATIVES

July 16, 1997

Mr. HOLDEN introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide an investment credit to promote the conversion of United States coal and domestic carbonaceous feedstocks into liquid fuels.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS.

SEC. 3. CARBONACEOUS FUELS FACILITY CREDIT.

therefor are properly chargeable to capital account with respect to the property.

`SEC. 48. OTHER CREDITS.'

`Sec. 48. Other credits.'

such credit in the taxable year of such person in which such sale or assignment occurred and only if such person notifies the Secretary of the derivative source of such credit.

SEC. 4. EXEMPTION FROM MANUFACTURERS EXCISE TAX ON FUELS.