H.R.5874 - Consumer Relief and Investment in Our Future Act109th Congress (2005-2006)
Summary: H.R.5874 — 109th Congress (2005-2006)
Introduced in House (07/25/2006)
Consumer Relief and Investment in Our Future Act - Requires the Secretary of the Interior to suspend and renegotiate the application of royalty relief for oil or natural gas production if specified prices prevail.
Requires royalties from oil or gas production on federal lands to be deposited in the Treasury and made available to the Secretary of Energy for: (1) certain biomass programs administered by the Assistant Secretary of Energy for Energy Efficiency and Renewable Energy; (2) FreedomCAR and Vehicle Technologies Program, including the Clean Cities Program; and (3) the Hydrogen, Fuel Cells, and Infrastructure Program.
Authorizes appropriations for the National Institute of Standards and Technology's Advanced Technology Program.
Amends the Internal Revenue Code to: (1) impose a windfall profits tax on crude oil; and (2) reduce highway motor fuel taxes.
Amends the Energy Policy Act of 2005 to repeal specified tax credits, including: (1) production from advanced nuclear power facilities; (2) investment in clean coal facilities; and (3) production of fuel from a non-conventional source for facilities producing coke or coke gas.