A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes.

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · May 1, 2006

Amends the Internal Revenue Code to increase the tax credits for: (1) alcohol used as fuel; (2) biodiesel and renewable diesel used as fuel; (3) alternative fuels; (4) alternative motor vehicles; and (5) alternative fuel vehicle refueling property (service stations for dispensing ethanol and other alternative fuels to retail customers).

Denies to major integrated oil companies (companies with average daily worldwide crude oil production of at least 500,000 barrels) : (1) two-year amortization of geological and geophysical expenditures; (2) percentage depletion for oil and gas properties; and (3) tax deductions for intangible drilling and development costs.

Prohibits the Secretary of the Interior from providing crude oil and natural gas producers on federal lands exemptions from royalty payment requirements during periods when the average U.S. price of crude oil is over $55 per barrel and the average price of natural gas is $10 per 1000 cubic feet.

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People & committees

Who introduced it

Sen. Collins, Susan M. [R-ME] · R–ME

Committees

Finance Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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May 1, 2006
Read twice and referred to the Committee on Finance.
May 1, 2006
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · May 1, 2006 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.

Neutral evidence review

Objective

Analyze S.2689 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss S.2689, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/2689

Text version to examine: Introduced in Senate · 2006-05-01.

Official full text: https://www.congress.gov/109/bills/s2689/BILLS-109s2689is.htm

Imported record last updated by the source: 2025-01-14T19:02:15Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.2689 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.2689 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.2689, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/2689

Text version to examine: Introduced in Senate · 2006-05-01.

Official full text: https://www.congress.gov/109/bills/s2689/BILLS-109s2689is.htm

Imported record last updated by the source: 2025-01-14T19:02:15Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2689 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.2689 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.2689, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/2689

Text version to examine: Introduced in Senate · 2006-05-01.

Official full text: https://www.congress.gov/109/bills/s2689/BILLS-109s2689is.htm

Imported record last updated by the source: 2025-01-14T19:02:15Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2689 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.2689 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.2689, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to increase certain alternative fuel and vehicle tax incentives and to eliminate certain tax incentives for major integrated oil companies, and for other purposes.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/2689

Text version to examine: Introduced in Senate · 2006-05-01.

Official full text: https://www.congress.gov/109/bills/s2689/BILLS-109s2689is.htm

Imported record last updated by the source: 2025-01-14T19:02:15Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2689 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.