By Mary A. McNulty and Janet P. Jardin
The following is a summary of the recently proposed energy bill, the Energy Tax Incentives Act of 2004. The summary focuses on federal tax law. It has been prepared by Mary A. McNulty, Chair of the Energy and Natural Resources Committee and a partner at Thompson & Knight LLP, and Janet P. Jardin, an associate at Thompson & Knight, as a project of the Energy and Natural Resources Tax Committee. Unless otherwise indicated, all Section references are to the Internal Revenue Code of 1986, as amended (the "Code").
- The "Old" Energy Policy Act of 2003
As reported in the last current developments article, Congress abandoned efforts to pass the Energy Policy Act of 2003 (H.R. 6). The legislation would have provided approximately $23.5 billion in tax breaks without any revenue offsets. The bill was aimed at encouraging conservation, domestic production, and reliability improvements. In addition, it would have extended a number of energy
