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U.S. Department of Energy
Office of Scientific and Technical Information

S. 743: A bill entitled the National Energy Efficiency and Development Tax Act of 1991, introduced in the Senate of the United States, One Hundred Second Congress, First Session, March 21, 1991

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OSTI ID:5840896
The bill would amend certain sections of the Internal Revenue Act to provide tax incentives for renewable energy production. Qualified technologies include solar thermal, photovoltaic, wind, geothermal (other than dry steam), and biomass. The bill would also limit exclusion from gross income for parking and allow exclusion for employer subsidies for mass transit and van pooling. A tax credit would be allowed for retrofitting of home oil heaters. The bill would allow exclusion from gross income for energy and water conservation subsidies provided by public utilities. The Safe and Efficient Vehicles Incentive Act of 1991 is included in this bill. The net income limitation on percentage depletion would not apply to oil and gas wells and a crude oil production credit would be available for maintaining economically marginal wells. There is a credit for crude oil and natural gas exploration and development and the intangible drilling costs would be removed from the Alternative Minimum Tax. Several other credits for the petroleum industry are described.
OSTI ID:
5840896
Country of Publication:
United States
Language:
English