I did some searches for excise taxes and 2005 energy bill:
64.233.167.104
Sec. 1113: Volumetric Excise Tax Credit for Alternative Fuels
Provides an excise tax credit (referred to as VEETC) to the seller of CNG or LNG. This credit is different than the fuel credit that had been included in previous versions of the CLEAR ACT. The credit is 50-cent per gasoline-gallon-equivalent for CNG and 50-cents per liquid gallon for LNG for the sale of CNG and LNG for use as a motor vehicle fuel. It begins on October 1, 2006 (delayed for budget reasons) and expires on September 30, 2009. Partially offsetting the value of the excise tax credit, however, is an increase in the motor fuels excise tax rate for both CNG and LNG. The CNG rate would increase from 4.3 cents per gge to 18.3 cents. The LNG rate would increase from 11.9 cents to 24.3 cents on a LNG gallon basis. The increased tax rate will go into effect on October 1, 2006. Under this approach, CNG and LNG will pay the same rate of tax into the Highway Trust Fund as all other transportation fuels, but then CNG and LNG would receive an excise tax credit paid out of the general fund. The credit will be paid to eligible recipients on a regular basis without regard to the actual amount of excise tax paid. Propane, hydrogen and some minor fuels also are eligible for this credit.
....
Biodiesel and ethanol production.Congress has tried to encourage the pro-duction of biodiesel fuels and ethanol made from renewable resources with tax breaks. The new law updates the definition of a small ethanol producer from 30 to 60 million gallons per year. H.R.6 also creates a new credit for small agri-biodiesel producers and extends the volumetric excise tax credits for biodiesel. Producers of renewable biodiesel also receive some tax breaks.
.....
Motor fuel excise taxes and all three non-fuel ex-cise taxes are extended through 2011 at their present rates.
.....
Excludes tractors weighing 19,500lbs. or less from the excise tax on heavy trucks and trailers Expands the ethanol excise tax credit to certain alternative fuels Caps the excise tax imposed on fishing equipment Increases exemptions for excise taxes levied on certain airplanes, alcohol and firearms
....
Here are the revenue raising parts of the bill:
64.233.167.104
REVENUE RAISERS The Energy bill partially offsets the cost of the tax incentives by raising about $3 billion by reinstating the Oil Spill Liability Trust Fund tax ($2.5 billion), extending the Leaking Storage Tank Trust Fund tax ($349 million), and modifying the recapture rules for amortizable CodeSec. 197 intangibles.
....
Environmental taxes. H.R. 6 reinstates the Oil Spill Liability Trust Fund tax, a five-cents per-barrel tax on crude oil.
....
The law extends the Leaking Un-derground Storage Tank (LUST) Trust Fund, which was scheduled to expire October 1, 2005, through September 30, 2011. The 0.1-cents-per-gallon excise tax on fuel will now apply to all fuels.
In summary, the $.05 per barrel tax on crude oil going ino the Oil Spill Liability Trust Fund seems to be the biggest tax increase. |
