H.R. 10607

American Fuel Affordability Act

Sponsor: W. Gregory Steube · 0 cosponsors

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Introduced Sep 24
Committee Now
House of Representatives —
Senate —
Law —

Introduced Sep 24
Committee Now
House of Representatives —
Senate —
Law —

Referred to the House Committee on Ways and Means. (Sep 24)

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Text of the bill

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Sec. 1. Short title

Sec. 2. Repeal of excise taxes on diesel fuel

Sec. 3. Transfers to Trust Fund

Sec. 4. Refinery construction investment credit

Sec. 5. Establishment of refinery production credit

Sec. 6. Special allowance for qualified production property made permanent for gasoline and diesel production

(a) In general. Section 168(n)(2)of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

Text this section adds to the law

(I) Special allowance made permanent for new refinery construction. In the case of property integral to the new construction of a qualified facility described in section 48F(d)(1) (determined without regard to subparagraph (C) of such section)—

(i) subparagraph (A) shall be applied—

(I) in clause (v), without regard to before January 1, 2029, and

(II) without regard to clause (vii), and

(ii) this paragraph shall be applied without regard to subparagraph (H).

(b) Effective date. The amendments made by this section shall apply to property the construction of which begins after the date of the enactment of this Act.