110 HR 6 IH: Royalty Relief for American U.S. House of Representatives 0 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I 110th CONGRESS 1st Session H. R. 6 IN THE HOUSE OF REPRESENTATIVES January 12, 2007 Mr. Rahall (for himself, Mr. Rangel, Mr. McNerney, Mr. Bartlett of Maryland, Mr. Gilchrest, Mr. Stark, Mr. Levin, Mr. McDermott, Mr. Lewis of Georgia, Mr. Neal of Massachusetts, Mr. McNulty, Mr. Tanner, Mr. Becerra, Mr. Doggett, Mr. Pomeroy, Mrs. Jones of Ohio, Mr. Thompson of California, Mr. Larson of Connecticut, Mr. Emanuel, Mr. Blumenauer, Mr. Kind, Mr. Pascrell, Ms. Berkley, Mr. Crowley, Mr. Van Hollen, Mr. Meek of Florida, Ms. Schwartz, Mr. Davis of Alabama, Mr. Ackerman, Mr. Allen, Mr. Altmire, Mr. Andrews, Mr. Arcuri, Mr. Baca, Mr. Baird, Ms. Baldwin, Mr. Berman, Mr. Berry, Mr. Bishop of New York, Mr. Bishop of Georgia, Ms. Bordallo, Mr. Boswell, Mr. Boucher, Mr. Brady of Pennsylvania, Mr. Braley of Iowa, Mr. Butterfield, Mrs. Capps, Mr. Capuano, Mr. Cardoza, Mr. Carnahan, Mr. Carney, Ms. Carson, Ms. Castor, Mr. Chandler, Mrs. Christensen, Ms. Clarke, Mr. Clay, Mr. Cleaver, Mr. Clyburn, Mr. Cohen, Mr. Conyers, Mr. Cooper, Mr. Courtney, Mr. Cummings, Mr. Davis of Illinois, Mr. Lincoln Davis of Tennessee, Mr. DeFazio, Ms. DeGette, Mr. Delahunt, Ms. DeLauro, Mr. Dicks, Mr. Dingell, Mr. Doyle, Mr. Ellison, Mr. Ellsworth, Ms. Eshoo, Mr. Etheridge, Mr. Faleomavaega, Mr. Farr, Mr. Fattah, Mr. Filner, Mr. Frank of Massachusetts, Ms. Giffords, Mrs. Gillibrand, Mr. Gonzalez, Mr. Gordon of Tennessee, Mr. Grijalva, Mr. Gutierrez, Mr. Hare, Ms. Harman, Mr. Hastings of Florida, Ms. Herseth, Mr. Higgins, Mr. Hill, Mr. Hinchey, Ms. Hirono, Mr. Hodes, Mr. Holden, Mr. Holt, Mr. Honda, Ms. Hooley, Mr. Hoyer, Mr. Inslee, Mr. Israel, Mr. Jackson of Illinois, Ms. Jackson-Lee of Texas, Mr. Johnson of Georgia, Mr. Kagen, Ms. Kaptur, Mr. Kennedy, Mr. Kildee, Ms. Kilpatrick of Michigan, Mr. Klein of Florida, Mr. Kucinich, Mr. Langevin, Mr. Lantos, Mr. Larsen of Washington, Ms. Lee, Mr. Loebsack, Ms. Zoe Lofgren of California, Mrs. Lowey, Mr. Lynch, Mr. Mahoney of Florida, Mrs. Maloney of New York, Mr. Markey, Ms. Matsui, Mrs. McCarthy of New York, Ms. McCollum of Minnesota, Mr. McGovern, Mr. McIntyre, Mr. Meehan, Mr. Michaud, Ms. Millender-McDonald, Mr. George Miller of California, Mr. Mitchell, Mr. Moore of Kansas, Mr. Moran of Virginia, Mr. Murphy of Connecticut, Mr. Patrick Murphy of Pennsylvania, Mr. Nadler, Mrs. Napolitano, Ms. Norton, Mr. Oberstar, Mr. Obey, Mr. Olver, Mr. Pallone, Mr. Pastor, Mr. Payne, Mr. Perlmutter, Mr. Peterson of Minnesota, Mr. Price of North Carolina, Mr. Reyes, Mr. Rodriguez, Mr. Ross, Mr. Rothman, Ms. Roybal-Allard, Mr. Ruppersberger, Mr. Rush, Mr. Ryan of Ohio, Ms. Linda T. Sánchez of California, Mr. Sarbanes, Ms. Schakowsky, Mr. Schiff, Mr. Scott of Georgia, Mr. Scott of Virginia, Mr. Serrano, Mr. Sestak, Ms. Shea-Porter, Mr. Sherman, Mr. Sires, Mr. Skelton, Ms. Slaughter, Mr. Smith of Washington, Ms. Solis, Mr. Space, Mr. Spratt, Mr. Stupak, Ms. Sutton, Mrs. Tauscher, Mr. Thompson of Mississippi, Mr. Tierney, Mr. Udall of Colorado, Mr. Udall of New Mexico, Ms. Velázquez, Mr. Walz of Minnesota, Ms. Wasserman Schultz, Ms. Waters, Ms. Watson, Mr. Waxman, Mr. Weiner, Mr. Welch of Vermont, Mr. Wexler, Mr. Wilson of Ohio, Ms. Woolsey, Mr. Wu, Mr. Wynn, and Mr. Yarmuth) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Natural Resources, the Budget, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To reduce our Nation’s dependency on foreign oil by investing in clean, renewable, and alternative energy resources, promoting new emerging energy technologies, developing greater efficiency, and creating a Strategic Energy Efficiency and Renewables Reserve to invest in alternative energy, and for other purposes.
1.
Short title
This Act may be cited as the Creating Long-Term Energy Alternatives for the Nation Act of 2007 or the CLEAN Energy Act of 2007 .
<enum>I</enum><header>Denial of Oil and Gas Tax Benefits</header> <section id="H1854DB7B4B6D4BEEA358DA777013E4BF"><enum>101.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote><short-title>Ending Subsidies for Big Oil Act of 2007</short-title></quote>.</text> </section><section display-inline="no-display-inline" id="H1408FCD59CBC429B9487CE07F5D0A2C6"><enum>102.</enum><header>Denial of deduction for income attributable to domestic production of oil, natural gas, or primary products thereof</header> <subsection id="HE7720DBCCA0740F6A83E6025EBAAE0E3"><enum>(a)</enum><header>In general</header><text>Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 (relating to exceptions) is amended by striking <quote>or</quote> at the end of clause (ii), by striking the period at the end of clause (iii) and inserting <quote>, or</quote>, and by inserting after clause (iii) the following new clause:</text> <quoted-block display-inline="no-display-inline" id="H5FA1B25B95584EE6867BD7845D078D66" style="OLC"> <clause id="HF7E3B4294E564BBA86ED6D31F0B39249"><enum>(iv)</enum><text>the sale, exchange, or other disposition of oil, natural gas, or any primary product thereof.</text> </clause><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H337BAC6856294E21A82615CDC3B69E4"><enum>(b)</enum><header>Primary product</header><text>Section 199(c)(4)(B) of such Code is amended by adding at the end the following flush sentence:</text> <quoted-block display-inline="no-display-inline" id="HF251D31B3E3F423BABFDA5605DA3E265" style="OLC"> <quoted-block-continuation-text quoted-block-continuation-text-level="subparagraph">For purposes of clause (iv), the term <term>primary product</term> has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H7E14ACDB516F4972B382F5464EE62D01"><enum>(c)</enum><header>Conforming amendments</header><text>Section 199(c)(4) of such Code is amended—</text> <paragraph id="HCDDD50DD22C84C4293651FB31B147869"><enum>(1)</enum><text display-inline="yes-display-inline">in subparagraph (A)(i)(III) by striking <quote>electricity, natural gas,</quote> and inserting <quote>electricity</quote>, and</text> </paragraph><paragraph id="HF9DBBA48960F4316A8088C5C555EF545"><enum>(2)</enum><text display-inline="yes-display-inline">in subparagraph (B)(ii) by striking <quote>electricity, natural gas,</quote> and inserting <quote>electricity</quote>.</text> </paragraph></subsection><subsection id="H77F281E899EA4B77AC11916212D1BDEC"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2007.</text> </subsection></section><section id="H82565032DA0442E8B92F82EB54F3F871"><enum>103.</enum><header>7-year amortization of geological and geophysical expenditures for certain major integrated oil companies</header> <subsection id="HBE587FF4B4164EF7BAF10056DC21B9D3"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subparagraph (A) of <external-xref legal-doc="usc" parsable-cite="usc/26/167">section 167(h)(5)</external-xref> of the Internal Revenue Code of 1986 (relating to special rule for major integrated oil companies) is amended by striking <quote>5-year</quote> and inserting <quote>7-year</quote>.</text> </subsection><subsection id="H5837D757971D40DF002B3D8727AB3EB7"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.</text> </subsection></section><enum>II</enum><header>Royalties under offshore oil and gas leases </header> <section display-inline="no-display-inline" id="H1274B81689F642448627D7C4D29B6D2" section-type="subsequent-section"><enum>201.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote><short-title>Royalty Relief for American Consumers Act of 2007</short-title></quote>.</text> </section><section display-inline="no-display-inline" id="HC677FC63BE0742C0BE3F00FE93492100"><enum>202.</enum><header>Price thresholds for royalty suspension provisions</header><text display-inline="no-display-inline">The Secretary of the Interior shall agree to a request by any lessee to amend any lease issued for any Central and Western Gulf of Mexico tract during the period of January 1, 1998, through December 31, 1999, to incorporate price thresholds applicable to royalty suspension provisions, that are equal to or less than the price thresholds described in clauses (v) through (vii) of section 8(a)(3)(C) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(3)(C)</external-xref>). Any amended lease shall impose the new or revised price thresholds effective October 1, 2006. Existing lease provisions shall prevail through September 30, 2006.</text> </section><section id="H087AC78FB0C44D11AC6BB9B1CF6DEF63"><enum>203.</enum><header>Clarification of authority to impose price thresholds for certain lease sales</header><text display-inline="no-display-inline">Congress reaffirms the authority of the Secretary of the Interior under section 8(a)(1)(H) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(1)(H)</external-xref>) to vary, based on the price of production from a lease, the suspension of royalties under any lease subject to section 304 of the Outer Continental Shelf Deep Water Royalty Relief Act (<external-xref legal-doc="public-law" parsable-cite="pl/104/58">Public Law 104–58</external-xref>; <external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337</external-xref> note).</text> </section><section display-inline="no-display-inline" id="H8C91A5DB8F224337B42457D3A1D8A31" section-type="subsequent-section"><enum>204.</enum><header>Eligibility for new leases and the transfer of leases; conservation of resources fees</header> <subsection id="HAADC93CF4E0148748DF653E9FD8DE8C"><enum>(a)</enum><header>Issuance of new leases</header> <paragraph id="H3845FB59AE3041D2BE67EC1D258272CA"><enum>(1)</enum><header>In general</header><text>The Secretary shall not issue any new lease that authorizes the production of oil or natural gas in the Gulf of Mexico under the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1331">43 U.S.C. 1331 et seq.</external-xref>) to a person described in paragraph (2) unless—</text> <subparagraph id="HAC77FE233A034891A9DB452671B77301"><enum>(A)</enum><text>the person has renegotiated each covered lease with respect to which the person is a lessee, to modify the payment responsibilities of the person to include price thresholds that are equal to or less than the price thresholds described in clauses (v) through (vii) of section 8(a)(3)(C) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(3)(C)</external-xref>); or</text> </subparagraph><subparagraph id="H8511FE04C7934AB08BE0DA1C112E7E6"><enum>(B)</enum><text>the person has—</text> <clause id="HE5D9FBDC63C546F092ED8FCA28DBB234"><enum>(i)</enum><text>paid all fees established by the Secretary under subsection (b) that are due with respect to each covered lease for which the person is a lessee; or</text> </clause><clause id="HAB0FDE72FA30458898D2352D00A3C0AB"><enum>(ii)</enum><text>entered into an agreement with the Secretary under which the person is obligated to pay such fees.</text> </clause></subparagraph></paragraph><paragraph id="H9FB5C16B046F491B9B1B9CE9C4B176C5"><enum>(2)</enum><header>Persons described</header><text>A person referred to in paragraph (1) is a person that—</text> <subparagraph id="HC2B5F0F8F1A446B2BD87F142F282F02C"><enum>(A)</enum><text>is a lessee that—</text> <clause id="H7C1789C25DFA442EABFAD9A7BD2C6D72"><enum>(i)</enum><text>holds a covered lease on the date on which the Secretary considers the issuance of the new lease; or</text> </clause><clause id="HA1B6DDE7864F4FC8BDE9BCDEAF098FD3"><enum>(ii)</enum><text>was issued a covered lease before the date of enactment of this Act, but transferred the covered lease to another person or entity (including a subsidiary or affiliate of the lessee) after the date of enactment of this Act; or</text> </clause></subparagraph><subparagraph id="H4736C5E89A2849FE9D12176ED10014F3"><enum>(B)</enum><text>any other person or entity who has any direct or indirect interest in, or who derives any benefit from, a covered lease;</text> </subparagraph></paragraph><paragraph id="HC010DD7DC9494C5E814EB58700763C1E"><enum>(3)</enum><header>Multiple lessees</header> <subparagraph id="HCF01C13E281F4DDE9DCD03064594AC9"><enum>(A)</enum><header>In general</header><text>For purposes of paragraph (1), if there are multiple lessees that own a share of a covered lease, the Secretary may implement separate agreements with any lessee with a share of the covered lease that modifies the payment responsibilities with respect to the share of the lessee to include price thresholds that are equal to or less than the price thresholds described in clauses (v) through (vii) of section 8(a)(3)(C) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(3)(C)</external-xref>).</text> </subparagraph><subparagraph id="H2D32DECAD77A48A3A67EDBDD3CFE287D"><enum>(B)</enum><header>Treatment of share as covered lease</header><text>Beginning on the effective date of an agreement under subparagraph (A), any share subject to the agreement shall not constitute a covered lease with respect to any lessees that entered into the agreement.</text> </subparagraph></paragraph></subsection><subsection display-inline="no-display-inline" id="H7E06789FE41B49FDAA31B2E97F375E3F"><enum>(b)</enum><header>Conservation of resources fees</header> <paragraph id="H260A4F95063046D5A550F42CE52D0053"><enum>(1)</enum><header>In general</header><text>Not later than 60 days after the date of enactment of this Act, the Secretary of the Interior by regulation shall establish–</text> <subparagraph id="HAAA13907DF9B4A2B846BFA99C8281366"><enum>(A)</enum><text>a conservation of resources fee for producing Federal oil and gas leases in the Gulf of Mexico; and</text> </subparagraph><subparagraph id="HBB47A8AFFFD245ED96AF20B2E478D1AB"><enum>(B)</enum><text>a conservation of resources fee for nonproducing Federal oil and gas leases in the Gulf of Mexico.</text> </subparagraph></paragraph><paragraph id="HF06CE5BCAF16452D96A7794CED50EE15"><enum>(2)</enum><header>Producing lease fee terms</header><text>The fee under paragraph (1)(A)—</text> <subparagraph id="HC9EB1A03305D49478FB9DCF1B3000641"><enum>(A)</enum><text>subject to subparagraph (C), shall apply to covered leases that are producing leases;</text> </subparagraph><subparagraph id="H070748F261134961A1916B4FF62D081F"><enum>(B)</enum><text display-inline="yes-display-inline">shall be set at $9 per barrel for oil and $1.25 per million Btu for gas, respectively, in 2005 dollars; and</text> </subparagraph><subparagraph id="H1385884A94014030B78C724DEA27573B"><enum>(C)</enum><text display-inline="yes-display-inline">shall apply only to production of oil or gas occurring—</text> <clause id="H8EE25BF4D0344F47BC20BDC5682090BC"><enum>(i)</enum><text>in any calendar year in which the arithmetic average of the daily closing prices for light sweet crude oil on the New York Mercantile Exchange (NYMEX) exceeds $34.73 per barrel for oil and $4.34 per million Btu for gas in 2005 dollars; and</text> </clause><clause id="H4C075E858E5340B4B84735004C7CBE80"><enum>(ii)</enum><text>on or after October 1, 2006.</text> </clause></subparagraph></paragraph><paragraph id="HA51FFEBBEFDD4425B82B77C700E2136D"><enum>(3)</enum><header>Nonproducing lease fee terms</header><text>The fee under paragraph (1)(B)—</text> <subparagraph id="H1E0B2E1342EE4FB2BC34922DEFDD6EEB"><enum>(A)</enum><text display-inline="yes-display-inline">subject to subparagraph (C), shall apply to leases that are nonproducing leases;</text> </subparagraph><subparagraph id="HBE31D6FE69BB4CDD80E1D188B200A1A3"><enum>(B)</enum><text>shall be set at $3.75 per acre per year in 2005 dollars; and</text> </subparagraph><subparagraph id="H7C3C8E2129ED45DDA179962D7881CAC7"><enum>(C)</enum><text>shall apply on and after October 1, 2006.</text> </subparagraph></paragraph><paragraph id="HF7415C937A9540898F00753FD82C7819"><enum>(4)</enum><header>Treatment of receipts</header><text>Amounts received by the United States as fees under this subsection shall be treated as offsetting receipts.</text> </paragraph></subsection><subsection commented="no" id="H54E9E0D1C1E34C92A0A3EA322C41144"><enum>(c)</enum><header>Transfers</header><text>A lessee or any other person who has any direct or indirect interest in, or who derives a benefit from, a lease shall not be eligible to obtain by sale or other transfer (including through a swap, spinoff, servicing, or other agreement) any covered lease, the economic benefit of any covered lease, or any other lease for the production of oil or natural gas in the Gulf of Mexico under the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1331">43 U.S.C. 1331 et seq.</external-xref>), unless—</text> <paragraph commented="no" id="H1193E24EBA21443D86D17E7FE4AF0073"><enum>(1)</enum><text>the lessee or other person has—</text> <subparagraph commented="no" id="H74BB42AB6D2645F49CE8DB66E5353660"><enum>(A)</enum><text>renegotiated all covered leases of the lessee or other person; and</text> </subparagraph><subparagraph commented="no" id="HDAFF0F883111409FBCEEB8E713C30999"><enum>(B)</enum><text>entered into an agreement with the Secretary to modify the terms of all covered leases of the lessee or other person to include limitations on royalty relief based on market prices that are equal to or less than the price thresholds described in clauses (v) through (vii) of section 8(a)(3)(C) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(3)(C)</external-xref>); or</text> </subparagraph></paragraph><paragraph commented="no" id="HF0136E5BCE3747378BFFB3074EF67DA7"><enum>(2)</enum><text>the lessee or other person has—</text> <subparagraph id="HFECACE90863F417A98A53F86B132C4EE"><enum>(A)</enum><text>paid all fees established by the Secretary under subsection (b) that are due with respect to each covered lease for which the person is a lessee; or</text> </subparagraph><subparagraph id="HC28A5F1A12A9454895CA6293BAA360D7"><enum>(B)</enum><text>entered into an agreement with the Secretary under which the person is obligated to pay such fees.</text> </subparagraph></paragraph></subsection><subsection id="H28056D70F9424C3883BB00F283EAF784"><enum>(d)</enum><header>Definitions</header><text>In this section—</text> <paragraph id="H6B7022DD023F4F88884D85A2FBEE739"><enum>(1)</enum><header>Covered lease</header><text>The term <term>covered lease</term> means a lease for oil or gas production in the Gulf of Mexico that is—</text> <subparagraph id="HD3111832ADFC4FB183991C97CE29573B"><enum>(A)</enum><text>in existence on the date of enactment of this Act;</text> </subparagraph><subparagraph id="HE1B152E99BBE47E793F828909261B1FF"><enum>(B)</enum><text>issued by the Department of the Interior under section 304 of the Outer Continental Shelf Deep Water Royalty Relief Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337</external-xref> note; <external-xref legal-doc="public-law" parsable-cite="pl/104/58">Public Law 104–58</external-xref>); and</text> </subparagraph><subparagraph id="H240028E59DD0447F9818FAB8DBFE5F64"><enum>(C)</enum><text>not subject to limitations on royalty relief based on market price that are equal to or less than the price thresholds described in clauses (v) through (vii) of section 8(a)(3)(C) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(a)(3)(C)).</text> </subparagraph></paragraph><paragraph id="H7AC3DCB1EFC84497918BEBFD6D161CA8"><enum>(2)</enum><header>Lessee</header><text>The term <term>lessee</term> includes any person or other entity that controls, is controlled by, or is in or under common control with, a lessee.</text> </paragraph><paragraph id="H335DE629E4834483B4C8DAD2064D5CC"><enum>(3)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of the Interior.</text> </paragraph></subsection></section><section id="HF0E93FAC9C884ECA90A1D196A7BDA0C6"><enum>205.</enum><header>Repeal of certain taxpayer subsidized royalty relief for the oil and gas industry</header> <subsection id="HE48341FA9E934C879896B3D9527FEC9C"><enum>(a)</enum><header>Repeal of provisions of Energy Policy Act of 2005</header><text display-inline="yes-display-inline">The following provisions of the Energy Policy Act of 2005 (<external-xref legal-doc="public-law" parsable-cite="pl/109/58">Public Law 109–58</external-xref>) are repealed:</text> <paragraph id="H03660BC57AC947A49BF689F6904E19F1"><enum>(1)</enum><text>Section 344 (42 U.S.C. 15904; relating to incentives for natural gas production from deep wells in shallow waters of the Gulf of Mexico).</text> </paragraph><paragraph id="HFD097EEAF10A4B508C374BB6E23337D"><enum>(2)</enum><text>Section 345 (42 U.S.C. 15905; relating to royalty relief for deep water production in the Gulf of Mexico).</text> </paragraph><paragraph id="HEED7904D373247EC8E614B5C08CDEFD1"><enum>(3)</enum><text display-inline="yes-display-inline">Subsection (i) of section 365 (42 U.S.C. 15924; relating to the prohibition on drilling-related permit application cost recovery fees).</text> </paragraph></subsection><subsection id="HCA4F8C7CF83B4A2A9404B37CDEA400B9"><enum>(b)</enum><header>Provisions relating to Planning Areas offshore Alaska</header><text display-inline="yes-display-inline">Section 8(a)(3)(B) of the Outer Continental Shelf Lands Act (<external-xref legal-doc="usc" parsable-cite="usc/43/1337">43 U.S.C. 1337(a)(3)(B)</external-xref>) is amended by striking <quote>and in the Planning Areas offshore Alaska</quote> after <quote>West longitude</quote>.</text> </subsection><subsection id="HBE69F0249B0D405B9BC76D0F07FEE99"><enum>(c)</enum><header>Provisions relating to Naval Petroleum Reserve in Alaska</header><text display-inline="yes-display-inline">Section 107 of the Naval Petroleum Reserves Production Act of 1976 (as transferred, redesignated, moved, and amended by section 347 of the Energy Policy Act of 2005 (119 Stat. 704)) is amended—</text> <paragraph id="HA770BF125B3B44CAA20041CC13F498A4"><enum>(1)</enum><text>in subsection (i) by striking paragraphs (2) through (6); and</text> </paragraph><paragraph id="HF75AD770508B4A1FAE790080FDB1AF4B"><enum>(2)</enum><text>by striking subsection (k).</text> </paragraph></subsection></section><enum>III</enum><header>Strategic Energy Efficiency and Renewables Reserve</header> <section id="HEC73F5AA5A804ECD82A195439D4B1201"><enum>301.</enum><header>Strategic Energy Efficiency and Renewables Reserve for investments in renewable energy and energy efficiency</header> <subsection id="H076336785D2D4A69B4D900002813E843"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">For budgetary purposes, the additional Federal receipts by reason of the enactment of this Act shall be held in a separate account to be known as the <quote>Strategic Energy Efficiency and Renewables Reserve</quote>. The Strategic Energy Efficiency and Renewables Reserve shall be available to offset the cost of subsequent legislation—</text> <paragraph id="H52AE4F83612948BE8F2E7BBA6DDCBBCE"><enum>(1)</enum><text display-inline="yes-display-inline">to accelerate the use of clean domestic renewable energy resources and alternative fuels;</text> </paragraph><paragraph id="H5B9DFDF1044948949F1D76A4AA2500AA"><enum>(2)</enum><text display-inline="yes-display-inline">to promote the utilization of energy-efficient products and practices and conservation; and</text> </paragraph><paragraph id="H2E17991260DD4B14BA3FD22F00B5C1B1"><enum>(3)</enum><text display-inline="yes-display-inline">to increase research, development, and deployment of clean renewable energy and efficiency technologies.</text> </paragraph></subsection><subsection id="HCD73A9BEE39044638DF437B0C46070D0"><enum>(b)</enum><header>Procedure for adjustments</header><text display-inline="yes-display-inline"></text> <paragraph id="HB8366BB7AF0644B4906F93DE14CCEE60"><enum>(1)</enum><header>Budget Committee Chairman</header><text>After the reporting of a bill or joint resolution, or the offering of an amendment thereto or the submission of a conference report thereon, providing funding for the purposes set forth in subsection (a) in excess of the amounts provided for those purposes for fiscal year 2007, the chairman of the Committee on the Budget of the applicable House of Congress shall make the adjustments set forth in paragraph (2) for the amount of new budget authority and outlays in that measure and the outlays flowing from that budget authority.</text> </paragraph><paragraph id="H5F2FE9D291A54AA3BE7C095D19CEDF64"><enum>(2)</enum><header>Matters to be adjusted</header><text>The adjustments referred to in paragraph (1) are to be made to—</text> <subparagraph id="H611A0488CDF64404AA60ECC4C4B6A09"><enum>(A)</enum><text>the discretionary spending limits, if any, set forth in the appropriate concurrent resolution on the budget;</text> </subparagraph><subparagraph id="H1781DA276BDF497F97A755109E55B53E"><enum>(B)</enum><text>the allocations made pursuant to the appropriate concurrent resolution on the budget pursuant to section 302(a) of the Congressional Budget Act of 1974; and</text> </subparagraph><subparagraph id="HD68D161EA43942A1A93FB8A68058EF89"><enum>(C)</enum><text>the budget aggregates contained in the appropriate concurrent resolution on the budget as required by section 301(a) of the Congressional Budget Act of 1974.</text> </subparagraph></paragraph><paragraph id="HEDD93503606A485792C2D233E3F6AFCB"><enum>(3)</enum><header>Amounts of adjustments</header><text>The adjustments referred to in paragraphs (1) and (2) shall not exceed the receipts estimated by the Congressional Budget Office that are attributable to this Act for the fiscal year in which the adjustments are made.</text> </paragraph></subsection></section>