110-H.R.86

To amend the Internal Revenue Code of 1986 to expand and extend the incentives for alternative fuel vehicles and refueling property and to repeal the oil and gas production incentives added by the Energy Policy Act of 2005.

1/4/2007--Introduced.

Oil and Gas-to-Alternatives Swap (OGAS) Act of 2007 - Amends the Internal Revenue Code to repeal: (1) the tax credit for facilities producing coke or coke gas-related fuel; (2) the classification of the tax credit for producing fuel from a nonconventional source as a business-related credit; (3) accelerated amortization of geological and geophysical expenditures; and (4) the limitation on the number of new qualified hybrid and advanced lean-burn technology vehicles eligible for the tax credit for alternative motor vehicles.

Extends through 2012 the alternative motor vehicles tax credit for: (1) advanced lean burn technology motor vehicles; (2) qualified hybrid motor vehicles; and (3) qualified alternative fuel vehicles.

Increases from 30 to 60% the rate of the tax credit for alternative fuel vehicle refueling property and extends such credit through 2012.

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