- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedJuly 30th, 2010
- house Committees
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Foreign Oil Displacement Act of 2010
To amend the Internal Revenue Code of 1986 to provide an investment credit to promote the conversion of United States coal and domestic carbonaceous feedstocks into synthetic fuels and synthetic gas.
Foreign Oil Displacement Act of 2010 - Amends the Internal Revenue Code to: (1) allow a tax credit for investment in a carbonaceous fuels facility; (2) allow a new 30% tax credit for investment in a carbonaceous fuels conversion facility; and (3) exempt from the manufacturer's excise tax on fuels carbonaceous fuel or any portion of a blend that is carbonaceous fuel. Defines "carbonaceous fuels conversion facility" as a facility for producing fuels from nonconventional sources using coal, including peat and any byproduct (including synthetic gas) or chemical that is from a coal, culm, or silt preparation facility and that contains fixed carbon derived from coal.