110-H.R.498

To amend the Internal Revenue Code of 1986 to repeal the oil and gas tax subsidies enacted in the Energy Policy Act of 2005, and for other purposes.

1/16/2007--Introduced.

Energy Policy Reinvestment Act of 2007 - Amends the Internal Revenue Code to repeal: (1) the expensing allowance for liquid fuel refineries; (2) accelerated depreciation for natural gas distribution and gathering lines; (3) expanded eligibility of small petroleum refiners for the exception to limitations on the oil and gas depletion allowance; and (4) accelerated amortization of geological and geophysical expenditures. Directs that any revenues resulting from these repeals be made available for certain hydrogen and fuel cell technology programs.

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