Energy Independence and Security Act of 2007/Title XV

by United States Congress

TITLE XV — REVENUE PROVISIONS

Sec. 1500. Amendment of 1986 Code.

Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.

Sec. 1501. Extension of Additional 0.2 Percent FUTA Surtax.

(a) In General.—

Section 3301 (relating to rate of tax) is amended—

(1) by striking `2007' in paragraph (1) and inserting `2008', and

(2) by striking `2008' in paragraph (2) and inserting `2009'.

(b) Effective Date.—

The amendments made by this section shall apply to wages paid after December 31, 2007.

Sec. 1502. 7-year Amortization of Geological and Geophysical Expenditures for Certain Major Integrated Oil Companies.

(a) In General.—

Subparagraph (A) of section 167(h)(5) (relating to special rule for major integrated oil companies) is amended by striking `5-year' and inserting `7-year'.

(b) Effective Date.—

The amendment made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.